The Malaysian textile industry is far from being a sunset industry as the Trans-Pacific Partnership Agreement (TPPA) holds promise of growing investment.
International Trade and Industry Ministry (MITI) secretary-general Datuk J.Jayasiri said Malaysia could capitalise on the yarn-forward rule of origin and serve the needs of textile and garment makers, as well as consumers among the signatory countries.
The "yarn-forward" rule stipulates all fabrics produced in a garment from yarn made by TPP member states qualify for the trade agreement's duty-free status.
"TPPA members are required to source the input from members, creating investment opportunities to manufacture the inputs.
"In fact, before the agreement comes into effect, we have already seen (foreign) investors coming in as they find Malaysia a better choice to produce input supply to this market," he said, adding that local producers were also expanding operations in manufacturing yarn forward items.
He was speaking to Bernama and TV3 on the sidelines of a three-day seminar themed "Unboxing TPPA for Business Strategy for the Textile and Apparel Industry" organised by the Malaysian Textile Manufacturers Association here, today.
Jayasiri said the industry offered wide range of opportunities and Malaysia could grab hold of the manufacturing of synthetics-based products and high-end garments, which were high value-added products, that the country needed to promote.
He said as the agreement specified a provision of short supply list, providing an exception for TPPA member states to buy raw materials from non-members, Malaysia would benefit from it to a certain extent.
"Industry players must aim to be more innovative, productivity-driven and cost competitive in order to take advantage of the opportunities under the TPPA," he added.
He said Malaysia's current exports of textiles to the TPPA market stood at RM5.3 billion and they were expected to grow significantly in two years' time when the trade pact came into force.
On the opposition to the TPPA by US presidential candidates, he said Malaysia was notified recently that the US Administration was working hard to push the trade deal through the Congress.
It is said that US President Barrack Obama could table the TPPA Bill to the Congress even before the new president is inaugurated and if it is approved the new president will have to carry the decision through, Jayasiri said.
"The US ratification and participation in the agreement are important as it carries 85 percent of gross domestic product (GDP) among the 12 member countries.
"All member countries must ratify within 24 months off the signing and if that does not happen, the next condition is that at least six countries, accounting for 85 percent of (total) GDP, could still bring the agreement into force," he added. -- Bernama
Bernama
Mon Nov 07 2016
The Malaysian textile industry is far from being a sunset industry as the TPPA holds promise of growing investment. - Reuters/File
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.
Buletin AWANI Khas: Asia Barat sedang ‘Stress’: Dialog menteri-menteri dunia Arab
Situasi meruncing di Gaza, konflik Iran-Israel dan ditambah pula persaingan kuat dua kuasa, Amerika Syarikat dan China dilihat terus membayangi percaturan geopolitik dan geoekonomi negara-negara Islam di Asia Barat. Beberapa Menteri Luar negara-negara Arab duduk sepentas di Mesyuarat Khas WEF, Riyadh dalam sesi ini.
#SpecialMeeting24
#SpecialMeeting24
AWANI Ringkas: Projek NTC | Sindiket Dadah
Ikuti rangkuman berita utama yang menjadi tumpuan sepanjang hari di Astro AWANI menerusi AWANI Ringkas.
Kilang cat terbakar, dua sekolah di Meru diarah ditutup
Penutupan dua buah sekolah terlibat iaitu SK Meru dan Sekolah Rendah Agama Meru 2 itu dibuat atas faktor keselamatan.
AWANI 7:45 [29/04/2024] – Meja bulat bersama 50 pemimpin industri dunia | Penggunaan komersial capai 80 peratus
PM yakin Malaysia jadi destinasi pelabur bernilai tinggi.
Kerajaan perkenal program solar untuk pengguna komersial.
Kelas Terapung dilaksana kawasan penduduk kepadatan tinggi.
Laporan Bank Dunia dedah hanya 58 peratus pelajar mahir membaca menjelang akhir darjah 5.
Kerajaan perkenal program solar untuk pengguna komersial.
Kelas Terapung dilaksana kawasan penduduk kepadatan tinggi.
Laporan Bank Dunia dedah hanya 58 peratus pelajar mahir membaca menjelang akhir darjah 5.
Malaysia perlu berani menentang Denmark
Hanya kemenangan menentang Denmark, kuasa besar badminton dunia, dalam aksi penting Kumpulan D Piala Thomas 2024 esok akan membawa Malaysia mendahului carta kedudukan.
Polis tembak kereta mewah bawa dadah lebih RM100,000
Polis terpaksa melepaskan tembakan bagi mengawal keadaan selepas pemandu kenderaan terbabit bertindak agresif dan cuba merempuh anggota polis .
Indonesia sokong pendekatan Malaysia bantu bangun 'peradaban' banduan Indonesia
Penjara bukan semata-mata tempat menghukum tetapi mentransformasikan ia sebagai institusi pendidikan yang memberi peluang kepada penghuni.