ID :
389627
Tue, 12/01/2015 - 13:01
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Malaysia Can Revert To Original Tariff Rates If It Opts Out Of TPPA, Says Chief Negotiator

By Harizah Hanim Mohamed and Nurul Hanis Izmir KUALA LUMPUR, Dec 1 (Bernama) -- Malaysia will lose its rights and obligations as a Trans-Pacific Partnership (TPP) member if it were to withdraw from the multilateral agreement and can always revert to its original tariff rates, says TPPA Chief Negotiator J. Jayasiri. "We have to fulfill the obligations to lower the tariff or eliminate it, but if we leave, we can raise the duty if we want," he told Bernama on the sidelines of a one-day National Seminar on the TPPA here, Tuesday. Jayasiri who is also the Deputy Secretary-General, Strategy and Monitoring at the Ministry of International Trade and Industry (MITI), was asked on the impact on foreign investment in Malaysia if the country decided to pull out of the trade pact. He also noted that in the event Malaysia withdrew from the TPPA, its exporters would not be able to enjoy the lower tariffs offered by the other 11 TPP countries. Earlier, MITI Minister Mustapa Mohamed said Malaysia could exit the TPPA at any point of time without penalty. "Malaysia can use the exit clause if it decides to leave the TPPA within six months of notice with no penalty imposed," he added. The TPPA countries, namely Australia, the United States, New Zealand, Canada, Mexico, Peru, Chile, Brunei, Singapore, Japan, Vietnam and Malaysia account for almost 40 per cent of the world's gross domestic product and a third of global trade. --BERNAMA

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