FOR IMMEDIATE RELEASE
MEDIA STATEMENT
International media has reported that the US Congress could soon pass legislation to fast-track the Trans-Pacific Partnership (TPP). This could pave the way for this agreement between 12 TPP nations being passed within a fortnight.
President Barack Obama needs the Trade Promotion Authority to fast-track trade talks between TPP nations; which would give the president the power to negotiate an agreement that Congress cannot amend, whether they approve it or otherwise.
Unfortunately at home, the Malaysian Ministry of International Trade’s long promised Cost-Benefit Analysis (CBA) of the TPPA trade deal has not seen the light of day. Looking at the fast-track legislations that might be passed in the United States, it is baffling that the Ministry has no sense of urgency to complete or reveal the CBA.
When asked yesterday on the exact date for the CBA, the Ministry stated by July this year. Yet the written answers also provided key reasons justifying the TPPA. Such responses merit the view that there is a deliberate attempt to delay the CBA to the point that it becomes obsolete, coming hot in the heels of a finalized TPP.
Malaysia’s irresponsible care in managing engagement with stakeholders pre signing any agreement deflects the focus required for other regional agreements. One such agreement is the Regional Comprehensive Economic Partnership (RCEP).
Jayant Menon of the Asian Development Bank (ADB) stated last year that “Malaysia has more to gain from entering a trade partnership with its Asean and regional neighbours that would better protect its interests than joining the contentious United States-led Trans Pacific Partnership Agreement (TPPA)”.
He said that “Malaysia as the head of Asean and the Asean Economic Community that is starting next year, the RCEP would be in the backyard of Malaysia. More so than the TPP whose membership defies logical explanation. At the end of the day, the RCEP is likelier to happen compared with the TPP.”
Earlier in 2014, The Sustainability Council of New Zealand have shown that the net benefit that the New Zealand will receive is much less than what is targeted by Peterson Institute. The report said that the USD$4.1 billion net gain that will be received is not a realistic target, and put the number at only a quarter from the amount targeted.
As such, the Ministry of International Trade and Industry must not delay the CBA any longer. I strongly urge the Minister to stop giving any excuses and release the full report to be scrutinized by the public.
We must take proactive action to protect Malaysia’s as well as the rakyat’s interests in signing any deals – complete with an accountable and transparent process. A secret 29 chapters-filled agreement such as the TPPA ; or a much belated CBA hardly meets such requirements.
NURUL IZZAH ANWAR
MEMBER OF PARLIAMENT FOR LEMBAH PANTAI
VICE PRESIDENT AND ELECTIONS DIRECTOR OF KEADILAN
