|Malaysia's Free Trade Agreements||
The Trans-Pacific Partnership Agreement (TPPA) builds on the FTA signed by the Pacific 4 (P4) countries, New Zealand, Singapore, Chile and Brunei Darussalam in 2005 and came into force in 2009.
TPPA is a trade agreement between 12 Pacific Rim nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Viet Nam. These pioneer TPP members represent a market of 800 million people with a combined GDP of USD 27.5 trillion. As a landmark 21st century agreement, the TPP sets a new standard for global trade while taking up next-generation issues.
Areas covered under TPPA include:
Initial Provisions and General Definitions
National Treatment and Market Access for Goods
Rules of Origin and Origin Procedures
Textiles and Apparel
Customs Administration and Trade Facilitation
Sanitary and Phytosanitary Measures
Technical Barriers to Trade
Cross Border Trade in Services
Temporary Entry for Business Persons
State Owned Enterprises
Cooperation and Capacity Building
Competitiveness and Business Facilitation
Small and Medium-sized Enterprises
Transparency and Anti-corruption
Administrative and Institutional Provisions
Signed by the 12 countries on 4 February 2016 in Auckland, New Zealand the Agreement has not yet entered into force. On 23 January 2017, United States President Donald Trump signed a Presidential Memorandum to withdraw the US from TPP. The Agreement as it stands cannot enter into force without the US, as it accounts for 60% of the combined GDP of the 12 TPP members. To date, Japan and New Zealand have completed their domestic ratification process.
In light of the US withdrawal, the TPPA Ministers from the remaining 11 member countries convened a meeting on 21 May 2017 on the sideline of the APEC MRT Meeting in Hanoi, Vietnam and affirmed the economic and strategic importance of TPP, particularly as a vehicle for regional economic integration. This was the first meeting where all TPPA Ministers were involved following the withdrawal notification submitted by the US. The Ministers agreed that senior trade officials would consult over the coming months to consider next steps for the Agreement.
Read the press release here.
TEXT OF AGREEMENT
Any enquiry on the TPP can be directed to:
Ministry of International Trade and Industry
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