PH govt urged to cancel economic partnership pact signed by BN

The CPTPP comprises 11 member nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. (AFP pic)

PETALING JAYA: Bantah-TPPA, made up of six major federations representing over 800 organisations in Malaysia, has urged Putrajaya not to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which was signed by the previous government earlier this year.

Its deputy chairman Azlan Awang said the agreement was almost the same as the original 12-nation Trans-Pacific Partnership Agreement (TPPA), and that it would have adverse social and economic consequences for Malaysia.

“It aims to strengthen our foreign investment, but the benefit to the people is too small. There will be no penalty if we withdraw from the agreement, so I don’t see any reason for the new government to not cancel it,” he told FMT.

He said the CPTPP required Malaysia to amend various laws and policies, which, he said, would lead to problems for locals.

“For example, local producers of rice, vegetables and chicken may find it impossible to compete with lower prices of imports, such as rice from Vietnam.

“Medicines are likely to be more expensive because of easier patent procedures.

“Also, the agreement will allow investors from other CPTPP countries to sue the Malaysian government.”

He said as Pakatan Harapan had been against the agreement before becoming the government, it should stick to its position and withdraw from the CPTPP.

The CPTPP, signed on Mar 8, is a new version of the Trans-Pacific Partnership (TPP) multilateral trade pact.

It comprises 11 member nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.