Malaysia to decide on free trade formats
Malaysia to decide on free trade formats
16:57, November 18, 2009 
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The Malaysian government would decide whether to pursue its Free Trade Agreement (FTA) talks with the United States or engage in the Trans-Pacific Partnership (TPP) negotiations, a Malaysian official said in Kuala Lumpur on Wednesday.
Malaysian International Trade and Industry Minister Mustapa Mohamed said at the media briefing on the benefits of ASEAN Free Trade Agreements with other countries that he would seek mandate from the Malaysian cabinet with regards to the U.S.-Malaysia FTA negotiations.
Mustapa said that it was no longer the priority of the U.S. to negotiate with Malaysia on the bilateral FTA as the U.S. had shown its commitment in engaging the TPP.
U.S. Trade Representative Ron Kirk earlier announced that U.S. President Barack Obama had promised Washington's commitment to engaging in the four-member TPP, a trading framework believed to have the potential to develop into a sweeping cross-Pacific free trade pact.
Signed by New Zealand, Chile, Singapore and Brunei in 2005, the Partnership is aimed to promote regional trade and economic integration.
Mustapa said four other countries had also shown interests in the TPP framework and the Malaysian cabinet had to decide if Malaysia should embrace the framework, abandoning the U.S.-Malaysia FTA negotiations.
The four countries include the U.S., Australia, Vietnam and Peru.
Mustapa reiterated Malaysia's stand that the country was committed to opening up its market as it was one of the major trading countries in the world and more liberalizations could be expected in future as it was not right to knock on others' doors while keeping their doors closed.
When asked if the establishment of the ASEAN Economic Community could be brought forward, Mustapa said the development levels among ASEAN member countries were different and many discussions were still underway.
Therefore, the building of the ASEAN Economic Community was expected to be completed by 2015, as agreed upon by all member countries, added Mustapa.
Source:Xinhua
Malaysian International Trade and Industry Minister Mustapa Mohamed said at the media briefing on the benefits of ASEAN Free Trade Agreements with other countries that he would seek mandate from the Malaysian cabinet with regards to the U.S.-Malaysia FTA negotiations.
Mustapa said that it was no longer the priority of the U.S. to negotiate with Malaysia on the bilateral FTA as the U.S. had shown its commitment in engaging the TPP.
U.S. Trade Representative Ron Kirk earlier announced that U.S. President Barack Obama had promised Washington's commitment to engaging in the four-member TPP, a trading framework believed to have the potential to develop into a sweeping cross-Pacific free trade pact.
Signed by New Zealand, Chile, Singapore and Brunei in 2005, the Partnership is aimed to promote regional trade and economic integration.
Mustapa said four other countries had also shown interests in the TPP framework and the Malaysian cabinet had to decide if Malaysia should embrace the framework, abandoning the U.S.-Malaysia FTA negotiations.
The four countries include the U.S., Australia, Vietnam and Peru.
Mustapa reiterated Malaysia's stand that the country was committed to opening up its market as it was one of the major trading countries in the world and more liberalizations could be expected in future as it was not right to knock on others' doors while keeping their doors closed.
When asked if the establishment of the ASEAN Economic Community could be brought forward, Mustapa said the development levels among ASEAN member countries were different and many discussions were still underway.
Therefore, the building of the ASEAN Economic Community was expected to be completed by 2015, as agreed upon by all member countries, added Mustapa.
Source:Xinhua
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