Trans-Pacific Partnership Deal ‘Very Bad’ for Malaysia

© Flickr / GlobalTradeWatchProtesters at the TPP Leesburg rally in Virginia, US.
Protesters at the TPP Leesburg rally in Virginia, US. - Sputnik International
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On Monday, 12 countries of the Pacific-Rim region, including Malaysia, reached an agreement on the wording and subject matter of the TPP deal. The deal, intended to cover about 40 percent of the global economy was reached following nine days of the final round of negotiations.

Demonstrators protest against the legislation to give US President Barack Obama fast-track authority to advance trade deals, including the Trans-Pacific Partnership (TPP), during a protest march on Capitol Hill in Washington, DC, May 21, 2015. - Sputnik International
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MOSCOW (Sputnik) — The Trans-Pacific Partnership (TPP) deal puts in jeopardy local Malaysian businesses that are not ready to compete with foreign companies, former Prime Minister Mahathir Mohamad said.

“Malaysian companies are not as strong as foreign companies and if a foreign company suffer[s] losses here, it can still make profit from other places whereas this is not the case for Malaysian companies,” Mohamad said Saturday at the forum organized by the local National Union of Bank Employees as quoted by The Malaysian Insider.

He added that the deal could result in foreign corporations suing the local government.

“Let’s say a few countries are into mining and it pollutes the environment and we stop it, they [the companies] can sue governments for loss of future profits,” the former official said adding that “TPP is a very bad agreement.”

After years of secret negotiations, the TPP agreement, if ratified, will introduce tariff free trade between the United States, Japan, Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

Uncertain implications of the deal for workers’ rights, sovereignty, employment, copyrights and the environment have drawn heavy criticism from many members of governments, as well as labor unions and watchdogs.

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