Convince MPs of CPTPP’s benefits, Ong tells minister
PETALING JAYA: The international trade and industry minister should convince all MPs that the benefits of ratifying the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) outweigh the risks, so that the necessary amendments to the law can be passed in Parliament, an MP has said. Bangi MP and former…
PETALING JAYA: The international trade and industry minister should convince all MPs that the benefits of ratifying the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) outweigh the risks, so that the necessary amendments to the law can be passed in Parliament, an MP has said.
Bangi MP and former deputy international trade and industry minister Ong Kian Ming said the new interest in the free trade agreement following applications from the UK, China and Taiwan should be seen as a sign that it is worth joining.
“To date, eight out of the 11 countries have already ratified the CPTPP, including two of our Asean neighbours – Singapore and Vietnam. Only Malaysia, Brunei and Chile have yet to ratify the CPTPP,” he said in a statement.
Ong recommended that the minister lists all the amendments required to be passed for greater transparency.
Besides that, he said, the minister should explain how the amendments can benefit specific segments of the economy and the larger population, especially for workers and consumers.
“The minister should also calculate the potential benefits to Malaysia. How much more will Malaysia benefit from China joining the CPTPP given that we already have an FTA with China via the Regional Comprehensive Economic Partnership?“
“For this, Miti (international trade and industry ministry) needs to update the cost benefit analysis which was conducted for the Trans-Pacific Partnership in 2015,” he said.
Ong said the minister should also look into early indications of the benefits of CPTPP in countries which have already ratified it, while taking into account the impact of Covid-19 on the global economy.
“He should also explain the difference between countries which have ratified the CPTPP and those which have not yet ratified the agreement when it comes to participation in the various committees for the CPTPP and in each of the five CPTPP commissions which have met since 2019,” he said.
The CPTPP is a trade agreement involving Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. — Free Malaysia Today