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TPPA: Benefits Of The 12-Party Trade Pact To Malaysia

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KUALA LUMPUR : Following are among benefits that Malaysia will derive from the Trans-Pacific Partnership Agreement (TPPA), the biggest trade deal thus far, signed today in Auckland, New Zealand.

* Malaysia's Gross Domestic Product (GDP) is projected to increase by US$107 billion to US$211 billion over 2018-2027, which would raise GDP growth between 0.60 per cent and 1.15 per cent in 2027

* Investments projected to rise by US$136 billion to US$239 billion over 2018-2027 - attributable largely to higher investment growth in textiles, construction and distributive trade

* More than 90 per cent of the economic gains will be attributable to lower non-tariff measures

* Increase in export growth is projected to be outpaced by increase in import growth, thus trade surplus is projected to narrow between 4.3 per cent and 5.2 per cent of GDP in 2027

* Sectors which contributed over 20 per cent of Malaysia's GDP in 2014 are now expected to register higher output growth, especially the manufacturing sub-sector

* Export-oriented firms will benefit from greater market access, especially with countries that Malaysia is yet to have a trade pact namely Canada, Mexico, Peru and United States

* Firms to benefit from access to US government procurement, greater digital liberalisation and stronger enforcement of trade secret protection

* Wage growth for unskilled labour is projected to increase between 0.45 per cent and 0.91 per cent and for skilled labour between 0.38 per cent and 0.78 per cent

* Investor state dispute settlement may increase cost to the Malaysian government but safeguards are in place to mitigate nuisance suits and preserve policy space in setting decisions on health, security and environment. It will also increase protection for Malaysian firms investing abroad.

* The status quo of Bumiputera and SME policies will remain unchanged.

- BERNAMA