Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed, has made it clear that while the Trans-Pacific Partnership (TPP) was, at least for now, off the table, Malaysia was "in no hurry to bury the agreement".
Malaysia has been one such country which, while being disappointed by the US withdrawal from the TPP, has come to terms with what many Asian leaders describe as the "ground realities".
"The coming meeting of the trade ministers of the Asia-Pacific Economic Cooperation (Apec) in May in Vietnam will also discuss this issue and provide the direction for the future course on the TPP.
"The TPP was pursued by us because Malaysia did not have a free trade agreement (FTA) with the US, said the minister in an exclusive interview with Bernama recently.
The TPP would have given Malaysia an opportunity to enhance its trading and investment ties with the US.
"We already have FTAs with eight TPP-member countries. Frankly, we believe that President Donald Trump will not change his position (on TPP)," he said.
Mustapa also spoke about the Regional Cooperation Economic Partnership (RCEP) which China is now pushing after the Trump administration announced that it was withdrawing from the TPP.
Though China presently seems to be taking the lead in pushing the RCEP, it is by no means a China-led initiative. Indeed, the RCEP was initiated by the Asean group.
"RCEP is not China-led ... also, the RCEP will not affect us because we already have a FTA with China," Mustapa said, when asked if RCEP would not, primarily, serve China's interest and allow it to dump its products on markets of the other member states.
Mustapa also pointed out that the RCEP had an embedded mechanism aimed at checking dumping of products on other markets.
"Besides, RCEP will also facilitate inflow of investments from China into Malaysia," he said.
The creation of the Asean Economic Community (AEC) at the end of 2015 generated some interest in many countries of the world.
The AEC, with its strong regional focus, can serve many foreign companies as a vehicle to launch their expansion within the community.
US companies have also been doing this since some time.
Malaysia, Mustapa said, offered a good base for foreign companies to expand their operations within the AEC.
"Malaysia does have a good infrastructure and offers good connectivity with other member countries," he said.
While US companies are passing through uncertain times, unsure of the future course of the Trump administration, many pundits say that Trump's election campaign rhetoric -- he had said that he would urge all US companies to create more jobs in the US and also bring back their manufacturing operations to their own country -- was not fully enforceable.
They point out that the administration and the private sector have different interests.
The private corporate sector operates, however, on the principles of market economy.
The administration could not force its dictates on the private sector.
"Trump's policy (of recalling US firms home) will not be fully implemented. The US companies are well-entrenched here and are a firm part of the supply chain," Mustapa said.
In 2016, the seven top leading investing nations in Malaysia were the US, The Netherlands, China, Japan, Singapore, South Korea and the UK.
These countries, according to the latest figures compiled by Malaysia Investment Development Authority (MIDA) together accounted for some 55.8 per cent of the total foreign investments approved in Malaysia's manufacturing, services and primary sectors.
The US is among the top five largest buyers of Malaysia's electrical and electronic products, including parts and components.
These products form the single largest product category being exported by Malaysia.
Mustapa also spoke about Malaysia's "attractive attributes" as a regional or global operations base for multinational corporations (MNCs).
The country is being increasingly used as a principal hub that allows faster decision-making and supports evolving supply chain trends. Indeed, 2016 saw MIDA approve a total of 13 new principal-hub projects with a combined investment of RM13.8 billion.
Some of the international corporate players that received approval included Ansell Global Trading Centre, IMI Engineering, Nestrade, IOI Corporate Service, McDermott Asia Pacific, etc.
-- BERNAMA
Bernama
Mon Mar 13 2017
MUSTAPA: The TPP would have given Malaysia an opportunity to enhance its trading and investment ties with the US. - Filepic
Kes demam denggi meningkat pada ME16, empat kematian dilaporkan
Kes demam denggi dilaporkan meningkat kepada 2,321 kes pada Minggu Epidemiologi ke-16 (ME16) iaitu bagi tempoh 14 April hingga 20 April lepas.
KFC tutup sementara sejumlah cawangan, pindah pekerja tempat lain
QSR Brands bagaimanapun tidak mendedahkan jumlah cawangan KFC Malaysia yang telah ditutup buat sementara waktu dan bilangan pekerja yang terjejas.
Nor Farah Ain tidak percaya bergelar juara dunia
Atlet boling pada negara Nor Farah Ain Abdullah masih tidak percaya sudah bergelar juara dunia pada penampilan sulungnya di Kejohanan Boling Padang Dalam Dewan Dunia 2024 di Guernsey, Channel Islands
Program Jana Wibawa dilaksana selepas dapat persetujuan Jemaah Menteri - Saksi
Mahkamah Sesyen di sini hari ini diberitahu bahawa cadangan mengenai Jana Wibawa telah dibawa ke mesyuarat untuk pertimbangan sebelum Jemaah Menteri memutuskan supaya program itu diteruskan pada 2020.
[TERKINI] Sidang Media Perdana Menteri di Riyadh, Arab Saudi
Datuk Seri Anwar Ibrahim mengadakan sidang media susulan lawatan kerja rasmi ke Mesyuarat Khas WEF 2024 di Riyadh Arab Saudi.
SPR keluar 188 kertas undi pos bagi PRK Kuala Kubu Baharu
Pengeluaran kertas undi pos itu dilakukan oleh petugas pilihan raya yang dilantik Pegawai Pengurus dengan kehadiran ejen undi pos daripada semua empat calon yang bertanding.
Video disalah sunting, Teo Nie Ching buat laporan polis
Teo berkata pilihan raya bukanlah tiket untuk mana-mana pihak menyebarkan fitnah dengan niat mencetuskan perbalahan antara masyarakat pelbagai kaum dan agama.
KDN muktamad pembelian empat helikopter untuk APMM bernilai RM600 juta
Kertas kerja bagi perolehan aset itu sudah diserahkan kepada Kementerian Kewangan untuk keputusan akhir.
Tulis ancaman bom atas bungkusan, pekerja stor didenda RM3,000
Muhammad Rozali Rahim, 23, membuat pengakuan itu ketika pertuduhan terhadapnya dibacakan di hadapan Majistret Muhammad Bukhori Md Ruslan.
Kempen PRK KKB lancar setakat ini - Polis Selangor
Kempen PRK DUN KKB yang memasuki hari ketiga hari ini berjalan lancar dan tiada sebarang insiden tidak diingini dilaporkan setakat ini.
Mustapa Mohamed terima anugerah daripada kerajaan Jepun
Mustapa dianugerahi Grand Cordon of the Order of the Rising Sun daripada Kerajaan Jepun atas sumbangan beliau dalam hubungan Jepun-Malaysia.
Mustapa Mohamed dianugerah Ijazah Doktor Kehormat AeU
Bekas Menteri di Jabatan Perdana Menteri (Ekonomi) Datuk Seri Mustapa Mohamed dianugerahkan Ijazah Doktor Kehormat oleh Asia e University (AeU).
2.1 juta pekerja asing di Malaysia sehingga Jun tahun ini - Mustapa
Jabatan Perangkaan Malaysia (DOSM) merekodkan 2.1 juta warga asing yang bekerja dalam pelbagai bidang, berada di Malaysia setakat Jun tahun ini.
Warga asing: Bilangan menurun berbanding 2020
Jabatan Perangkaan Malaysia (DOSM) merekodkan bilangan warganegara asing yang berada di Malaysia berkurangan daripada 2.7 juta orang pada 2020 kepada 2.4 juta tahun ini.
Malaysia mampu tawar banyak perkara berkaitan ekonomi halal, bidang lain dalam dunia Islam - Mustapa
Malaysia sebagai sebuah negara terkemuka dalam dunia Islam, mampu menawarkan banyak perkara terutama yang membabitkan amalan terbaik, perdagangan dan inovasi.
Jumlah penganggur turun, kadar pengangguran kekal 3.7 peratus
Kedudukan pasaran buruh pada bulan Ogos 2022 kekal stabil berikutan prestasi ekonomi yang semakin baik dan memberangsangkan.
Sektor pelancongan perlu dipertingkatkan, perkukuh ekonomi negara - Mustapa
Peruntukan RM200 juta menerusi Bajet 2023 bagi tujuan pemulihan sektor pelancongan dilihat salah satu usaha memulihkan ekonomi dalam negara.
Kerajaan semak semula kategori kumpulan pendapatan - Mustapa
Kerajaan akan menyemak semula kategori kumpulan pendapatan berdasarkan hasil Survei Pendapatan, Perbelanjaan dan Kemudahan Asas tahun 2022.
Malaysia kekal sebagai destinasi pelaburan menarik - Mustapa
Malaysia kekal sebagai destinasi pelaburan yang menarik untuk pengembangan perniagaan global dan serantau, kata Datuk Seri Mustapa Mohamed.
Impak penyusutan ringgit kepada bayaran hutang langsung kerajaan adalah kecil
Mustapa berkata kebanyakan hutang kerajaan adalah dalam nilai mata wang ringgit, khususnya Bil Perbendaharaan dan Sekuriti kerajaan.