Malaysia’s PM suggests review of Trans-Pacific Partnership

Malaysian Prime Minister Mahathir Mohamad called for a review of the Trans-Pacific Partnership (TPP) trade agreement in an interview with Japan’s Nikkei Asian Review published on June 9, arguing that the trade pact – which currently has eleven signatories including Japan, Canada and Australia – should take into consideration the level of development of various countries.

“Small, weaker economies must be given a chance to protect their products,” Mahathir told the Japanese financial daily. “We have to review the TPP,” he said.

Mahathir’s call to review the TPP agreement would be a blow for the trade pact, which was finalised after tough negotiations earlier this year following the withdrawal of one of the original signatories, the US.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as it is now called following the US withdrawal, will reduce tariffs in countries that together amount to more than 13 per cent of the global economy, which is a total of $10 trillion in worldwide gross domestic product. With the US, it would have represented 40 per cent.

Mahathir did not reject the significance of agreements such as the TPP and he did not say whether he would consider leaving the trade pact altogether, Nikkei reported.

In the interview, Mahathir said his government “must review all agreements” entered into by the previous administration, including infrastructure, trade and security pacts.

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Malaysian Prime Minister Mahathir Mohamad called for a review of the Trans-Pacific Partnership (TPP) trade agreement in an interview with Japan’s Nikkei Asian Review published on June 9, arguing that the trade pact – which currently has eleven signatories including Japan, Canada and Australia – should take into consideration the level of development of various countries.

Malaysian Prime Minister Mahathir Mohamad called for a review of the Trans-Pacific Partnership (TPP) trade agreement in an interview with Japan’s Nikkei Asian Review published on June 9, arguing that the trade pact – which currently has eleven signatories including Japan, Canada and Australia – should take into consideration the level of development of various countries.

“Small, weaker economies must be given a chance to protect their products,” Mahathir told the Japanese financial daily. “We have to review the TPP,” he said.

Mahathir’s call to review the TPP agreement would be a blow for the trade pact, which was finalised after tough negotiations earlier this year following the withdrawal of one of the original signatories, the US.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as it is now called following the US withdrawal, will reduce tariffs in countries that together amount to more than 13 per cent of the global economy, which is a total of $10 trillion in worldwide gross domestic product. With the US, it would have represented 40 per cent.

Mahathir did not reject the significance of agreements such as the TPP and he did not say whether he would consider leaving the trade pact altogether, Nikkei reported.

In the interview, Mahathir said his government “must review all agreements” entered into by the previous administration, including infrastructure, trade and security pacts.

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