TPP Promotes Secure And Mutually Beneficial Trade Environment, Say Trade Bodies

KUALA LUMPUR, July 17 (Bernama) -- The Trans-Pacific Partnership (TPP)promotes a secure and mutually beneficial trade environment, bringing greater opportunities for participating countries.

Source from (Bernama): http://www.bernama.com/bernama/v7/bu/newsbusiness.php?id=963993
Published: July 18, 2013

The American Malaysian Chamber of Commerce (AMCHAM), the Malaysia Canada Business Council (MCBC), and Malaysia New Zealand Chamber of Commerce (MNZCC) in a joint statement today also said governmental commitment to promoting free trade, while ensuring the success of the Trans-Pacific Partnership (TPP) negotiations in the current economic climate, is more crucial than ever.

"A firm and increasing commitment to the Asia-Pacific region via the TPP negotiations will allow companies to eliminate duplicative and unnecessary barriers.

"The companies will also be able to streamline their operations across the board, and disseminate regional and international best practices, thereby, fostering an efficient and mutually beneficial trade environment.

"Obtaining such an outcome is important to ensure that the TPP lays an effective foundation for future regional integration and international trade," they said in the joint statement in support of the TPP Agreement.

The comments are in the light of the 18th round of TPP negotiations currently underway in Kota Kinabalu, Sabah.

The business bodies said throughout the 21st century, Malaysia had seen rapid growth attributed to its participation in global free trade.

They said although Malaysia already engaged in bilateral free-trade agreements with four of the other eleven countries, companies, particularly small and medium enterprises (SME), experienced diverging rules and benefits with each individual agreement and find it difficult to develop coherent business practices.

"To reduce trading barriers, the TPP addresses newly emerging trade issues such as supply chain connectivity, regulatory coherence, innovation, and SME development.

"Under the TPP, local SMEs can better integrate into the supply chains of multinational corporations (MNCs), while adopting international standards, creating new opportunities for industries," they added.

The three business bodies said foreign companies investing in TPP-participating countries will also benefit from the eased process of foreign direct investments.

"Such an agreement, therefore, not only allows companies to compete better globally, but also provides secure and widened market access for all its participants.

"With its cross-regional nature, the TPP enables participating members to play a strong role in emerging economies in Asia Pacific," they added.

With combined investments worth billions of dollars in Malaysia and the region, the private sector, represented by AMCHAM, MCBC, and MNZCC, strongly believes that the TPP negotiations be a top priority for participating governments.

They said a firm dedication on the TPP framework will bring greater opportunities for Malaysia and its partner countries, by securing stronger market integration for a mutually beneficial trade environment.

-- BERNAMA