KUALA LUMPUR: The question of renegotiating the Trans Pacific Partnership (TPP) agreement does not arise even if there are such indications by United States presidential candidates, said International Trade and Industry secretary-general Tan Sri Dr Rebecca Fatima Sta Maria. Republican presidential candidate Donald Trump has vowed to withdraw or renegotiate the TPP agreement, which was signed by 12 countries in February.
“There will not be a renegotiation. That much is clear,” she said during a panel discussion held in conjunction with the launch of the latest Malaysia Economic Monitor by the World Bank, here, yesterday. Trump has threatened to exit the North American Free Trade Agreement (FTA) and described the US- Korea (KORUS) FTA as a trade deal which destroyed jobs for Americans. Unlike the KORUS, the multilateral TPP requires all 12 signatories to be in it together for the agreement to be implemented. The landmark agreement takes effect in 2018.
The ratification process appears delayed in the largest economy in the grouping as US Congress lawmakers face dissent during the run-up to the presidential elections in November. US President Barack Obama, in his visit to Vietnam recently, said he was confident the TPP would gain approval by the end of the year. Rebecca said should a rejection emerge from Washington, the rest of the TPP members would have to resort to Plan B.
“We would have to discuss the possibility of a different form of cooperation. The 11 parties will have to implement it somewhere or other. “At the table, all the 12 negotiating countries held an equal standing and it was not a case of the US showing superiority and pushing the others to the table,” added Rebecca. The TPP covers 40 per cent of the world’s gross domestic product.
Read More : http://www.nst.com.my/news/2016/07/155954/no-question-renegotiating-tpp-deal