PETALING JAYA – The Malaysian economy will remain strong despite the absence of the Trans Pacific Partnership Agreement (TPPA), said Datuk Seri Najib Tun Razak (pic).
In a blog post Tuesday, the Prime Minister wrote that Malaysians need not worry about the economy if TPPA does not come to be.
“Even without TPPA, our economy will remain firm, dynamic and filled with opportunities from our existing trade partners,” he said.
He said Malaysia and the 10 other countries in TPPA will meet to discuss the next step following the withdrawal of the United States from the agreement.
“Regardless of the outcome of the meeting, we need not worry.
“As of now, Malaysia has strong two-way relationships with countries like China and Japan.
“In fact, it is estimated that trade between Malaysia and China will exceed US$100bil (RM443.5bil) this year,” he said.
He added that Malaysia is also working out free trade agreements (FTAs) with countries involved in TPPA.
“We also already have two-way FTAs with countries like India, New Zealand and Australia.
“In addition to that, we will continue our efforts to finalise a regional comprehensive economic partnership, which involves China and India with a market which far exceeds TPPA,” he said.
The new US administration of President Donald Trump said Friday its trade strategy to protect American jobs will start with withdrawal from the 12-nation Trans-Pacific Partnership (TPP) trade pact.