KUALA LUMPUR: Malaysia is eyeing bilateral free trade agreements (FTAs) with Canada, Chile and Peru as a counter-measure against US President-elect Donald Trump not backing the Trans-Pacific Partnership Agreement (TPPA).
The TPPA brings together 12 countries: The US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru.
International Trade and Industry Minister Datuk Seri Mustapa Mohamad said Malaysia does not as yet have any trade pacts with Canada, Chile and Peru, adding that there is also no FTA with the United States
Malaysia will now explore bilateral trade opportunities with Canada, Chile and Peru on the sidelines of the Asia-Pacific Economic Cooperation Summit in Lima, Peru, next week, he said.
Mustapa was speaking at a press conference on Tuesday on the upcoming National Aerospace event in Kuala Lumpur.
“Those are the big markets for the country,” he said.
Mustapa has said the TPPA needed the ratification of at least six countries, accounting for 85% of the total gross domestic product (GDP) of the 12, to bring it into force.
The GDP of the US alone accounts for about 60% of the total GDP of the TPP membership. As such, there can be no TPPA without the participation of the US, Mustapa had pointed out. – Bernama