Baku, January 9, AZERTAC
Malaysia is expected to sign the Trans-Pacific Partnership Trade (TPP) pact in February if the parliament passes the bill end of this month, International Trade and Industries Minister Mustapa Mohamed said Friday (Jan 8).
On Jan 26, a special three-day sitting is scheduled to begin in parliament, where MPs are expected to debate and vote on the TPP bill before the senate casts a vote two days later.
The TPP is a trade agreement among 12 countries, including the United States, Canada, Australia, Japan and Malaysia, to lower trade barriers and promote investment in the Pacific Rim which comprises 40 per cent of the global economy.
According to the trade deal, the TPP can come into force once it is ratified by at least six countries. These six countries, however, must represent at least 60 per cent of the GDP of the 12 member countries, which means either Japan or the US would have to be among the original six to ratify.
A signing ceremony is scheduled to be held in Auckland on Feb 4. However, there has been no confirmation from the Malaysian minister.