Despite being on track to fully endorse the United States-sponsored Trans-Pacific Partnership Agreement (TPPA) next month, Malaysia is free to back out of the trade pact any time it wishes, says Minister of International Trade and Industry Mustapa Mohamed.
Mustapa reassured Malaysians who are worried of the TPPA’s affects on the country’s already-shaky economy that should the pact prove to be detrimental to Malaysia’s interests, Putrajaya could exit the TPPA without having to uncur any penalties.
“If the agreement is detrimental to the country, we can always scram after giving six months’ notice,” he said today, as quoted by The Star Online.
The minister also invoked memories of the Malay Sultanate’s deal with Colonial Britain in the 19th Century to assert that this time, Malaysia’s leaders hve got the nation’s best interests covered.
“There are pros and cons. Compared to the time when the 12-page Pangkor Treaty was signed in 1874 where the nation was sold out (to British imperialism), we are smarter now.
“We make sure that TPP will be a win-win deal.”
Mustapa, however, cautioned Malaysians against assuming that signing on to the TPPA would be an “Aladdin’s magic lamp” for the Malaysian economy, or that the ailing Ringgit would appreciate in value solely due to Malaysia being a part of the multinational trade pact.
