By BALVIN KAUR | New Straits Times – 15 hours ago
GEORGE TOWN: The Penang exco fears Malaysia will lose its competitive edge if it does not participate in the Trans-Pacific Partnership Agreement(TPPA).
Wong Hon Wai ( DAP - Air Itam) said TPPA should be looked at positively.
If Malaysia is part of the agreement, then products exported to USA would be exempted from tax.
On the other hand, if Malaysia is not a member, products exported to USA would still be taxed, he said.
"I think this is important because the decision to participate in the TPPA will be the deciding factor of whether foreign investors will continue coming to Penang.
"I fear if Malaysia does not take part in TPPA, but other Asia Pacific countries take part in it, our competitiveness will be lost.
"Our industry will erode and face the risk of losing investors and international USA based companies," he said during the night session of the State Legislative Assembly sitting here today.
He said currently there were many USA based companies in the state including Intel, Altera, Dell and Motorola.
Wong urged the state government, through its state think tank Penang Institute, study in detail the implications of TPPA on the development of the country's economy and on job opportunities in Penang.
He also urged the state government to study the One Belt One Road (OBOR) initiative and Penang's position in reaping a benefit from both the initiatives.
The TPPA involves 12 nations namely Malaysia, US, Canada, Japan, Australia, Brunei, Chile, Mexico, New Zealand, Peru, Singapore and Vietnam.
OBOR, a China-led initiative which includes the Silk Road Economic Belt (SREB) and the 21st Century Maritime Silk Road, is aimed at boosting cooperation between countries across Asia, Europe and Africa while the latter would promote maritime cooperation with ASEAN countries.
https://sg.news.yahoo.com/tppa-necessary-penangs-growth-says-132456911.html
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