KUALA LUMPUR, Nov. 24 (Xinhua) -- Malaysia is waiting for greater clarity from the new U.S. administration over the Trans-Pacific Partnership (TPP), a senior Malaysian official said Thursday, days after U.S. President-elect Donald Trump vowed to withdraw from the free trade pact.
Malaysia will continue its work in amending relevant legislations, which will not only comply with the TPP but also strengthen and update laws to facilitate trade and fulfill the country's international obligations, said Minister of International Trade and Industry Mustapa Mohamed.
Under the present conditions, said the minister, the TPP cannot enter into force without the U.S. participation, as the United States accounts for about 60 percent of the combined GDP of the 12 members.
As per the TPP agreement reached by the 12 countries, a minimum of six members accounting for 85 percent of their combined GDP must ratify the free trade deal.
TPP members agreed on the sidelines of an APEC meeting in Lima, Peru, to keep in close contact and update each other on developments in their respective countries, said Mustapa.
"Once there is certainty from the new U.S. administration after Jan. 20, 2017, the chief negotiators may meet to consider options and the way forward," he said.
Earlier this month, Mustapa suggested Malaysia focus on the negotiations of the Regional Comprehensive Economic Partnership, another free trade agreement involving 10 ASEAN members and its six major trading partners in the Asia Pacific, including China.
Noting that free and fair trade has benefited Malaysia, the minister said Malaysia will continue to pursue preferential trading arrangements that are fair and bring benefits to the country in terms of trade, investment, income and employment.
"While globalization and liberalization may not be perfect, free trade agreements complemented with appropriate domestic policies and support measures can spread the benefits of development in favor of the poor and marginalized segments of society," he said.
