Malaysia is ready to resume negotiations on a free trade agreement with the European Union following the withdrawal of the United States from the Trans-Pacific Partnership
Negotiations between EFTA and Malaysia have been ongoing since March 2014. The two sides have held eight rounds of negotiations, as well as intersessional expert meetings.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed said Malaysia is not keen to salvage the TPPA with the other 10 nations after the United States pulled out of the trade pact.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed said Malaysia is keen to revive the framework agreement but there have been challenges.
In the absence of the Trans Pacific Partnership Agreement, bilateral trade agreements with trading partners would be a ‘doable and more realistic’ option for Malaysia, International Trade and Industry Minister said.
Deputy International Trade and Industry Minister Datuk Ahmad Maslan said Malaysia would continue to focus on efforts to conclude the RCEP negotiations as the TPP would not be implemented.
The Plantation Industries and Commodities Ministry is positive Malaysia’s total export of palm oil and palm oil products to Iran will grow by 30%-40% under a preferential or free trade agreement.
Local critics are not rejoicing over the United States’ withdrawal from the TPP deal, cautioning instead that the trade pact may be revived or survive in other forms.
Given the new developments regarding the Trans-Pacific Partnership Agreement, Malaysia should withdraw from the agreement, stop implementing changes in domestic laws and policies designed to comply with it and not rush into negotiations with the US on a bilateral deal, says Consumers Association of Penang
Deputy Minister of International Trade and Industry Datuk Ahmad Maslan said that Malaysia was ready with other alternatives, such as the Regional Comprehensive Economic Partnership.
Pakistan and Malaysia are negotiating to further reduce duties on existing and additional tariff lines under the FTA to facilitate businesses of both countries.
President Datuk Syed Ali Alattas to take advantage of Sudan’s free trade agreement (FTA) with the European Union by investing in the African country.
States such as Vietnam, Malaysia, Thailand and Philippines, which used to lean toward the United States (US), may now be seeking to find more favor with the Chinese.
With the TPP agreement dead what’s next for Malaysia’s trade agenda? One possibility is to pursue Asean’s Regional Comprehensive and Economic Partnership (RCEP)
RCEP member countries will try to bridge the gaps in several areas, including the movement of goods, during rounds of meetings scheduled in 2017.
Malaysia and Pakistan, currently negotiating a further reduction of duties on existing and additional tariff lines under a free trade agreement (FTA), are expected to finalise it in the first quarter next year.
Malaysia will embark on a bilateral free trade agreement (FTA) talks with Iran to take advantage of the potential growth of bilateral business.
The Cabinet meeting agreed to proceed with the amendments to the laws relating to the Trans-Pacific Partnership Agreement
Malaysia and Sri Lanka have agreed to explore the possibility of initiating the Malaysia-Sri Lanka Free Trade Agreement in efforts to promote trade between the two countries.
The Association of Southeast Asian Nations is making progress on reducing non-tariff barriers as threats to global trade rise,