Published: 18 November 2015 10:45 PM
A DAP lawmaker in Penang has expressed concern over ithe mpact of the Trans-Pacific Partnership Agreement (TPPA) on the state’s economy, which is dependent on the manufacturing sector driven by foreign investors.
Wong Hon Wai (DAP-Air Itam) said the state government must get thinktank Penang Institute to conduct a study on the implications of the agreement on Penang's industry and job market.
"We have many American companies investing in Penang, such as Intel, Altera, Dell, Motorola and others that create thousands of jobs here.
"We need to look at the TPPA from a positive angle on how it will impact Malaysia and Penang," he said in his speech to debate the state budget for 2016 tonight at the state legislative assembly.
Wong said should Malaysia sign the TPPA, products exported to the US would be tax-exempted while the opposite would be true should it not be party to the agreement.
He said it was an important matter to think about because the government's decision would determine whether foreign investors continued to come to Penang.
"I am worried that if Malaysia does not join the partnership, our competitiveness will go down, our industries will be affected and we will lose investors," he said.
Putrajaya is promoting the US-driven TPPA as a way for Malaysian companies to expand into new overseas markets.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed recently said the electronics, oil palm, timber and textile sectors were among those who stood to benefit from the signing of the agreement.
In a November 13 statement, Mustapa said Malaysian companies had invested RM522 billion overseas, more than the RM477 billion in foreign investments it had received.
During a recent TV3 interview, Mustapa said Putrajaya was also investing in building up the local small and medium enterprises to ensure that they would be able to survive.
Malaysia’s signature on the 12-country TPPA next year will give it access to a market of 800 million consumers and an economic output or gross domestic product (GDP) of US$28 trillion (RM122.63 trillion).
The pact goes beyond a traditional free trade agreement which lowers trade barriers such as duties and taxes. The TPPA also promises to rewrite laws on how member countries conduct business. – November 18, 2015.
http://www.themalaysianinsider.com/citynews/georgetown/article/need-for-study-on-impact-of-trans-pacific-pact-on-state-economy
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