TPP Meeting in Kota Kinabalu as negotiators hopes to finalise the agreement by year end

The 18th round of the (Trans Pacific-Partnership Agreement) TPP negotiations, have been held in Kota Kinabalu yesterday with renewed confidence as Japan makes it's debut alongside 11 other Nation members. The discussion were held yesterday until the 25th of July.

Photo Credit: solari.com

Some 900 participants, including stakeholders, had registered for the TPP. Furthermmore, The negotiations, from today until the 25th of this month are being held limited only to the viewing of related members parties involved. 

Meaning, there are no public sessions, except for the stakeholder session, on July 20th. 

Senior Director in the Ministry of International Trade and Industry J. Jayasiri also disclosed that the objective is to achieve as much progress as possible with a view to conclude the talks by year-end.

The free trade initiative of the TPP agreement, is seen to be an initiative to leverage the exports of participating countries to a large global market base thus making product to become cheaper for consumers.

The said initiative is also expected to lower duties, which would make Malaysian products to be more competitive, especially for large market like United States and Canada.

It is also said that among the main issue highlighted to be discussed are matters concerning environment, financial services, market access, investment, technical barriers to trade and E-commerce.

The advantage of Malaysia hosting the negotiations would also allow domestic stakeholders point forward their opinions and requested terms among other delegates through presentations, in the morning session of July 20.

Hence, this regional partnership would result in the free trade bloc which then enhance economic partnership and offers market expansion boost, especially to countries that needed it most. If agreements and terms are met, it would be a win-win situation for the Nation members in the agreement.

However, such pact must have a unanimous decision that it would bring only benefit and not compromise the domestic business competitiveness. Malaysia should put forward it's concerns on whether the pact will benefit entirely its foreign and domestic business policy. If wrong calculations are made, it can wreak havoc in terms of local business sentiments towards the decision. Malaysia should also not compromise if there will be any price increase especially towards vital products like medical supplies.

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