15:03 | 28/01/2016 Global Economy
The lower house of Malaysia ’s Parliament approved the Trans-Pacific Partnership (TTP) agreement on January 28 after two days of debate.
Illustration photo (Source: siteselection.com)
The deal was approved with 127 votes in favour and 84 against.
Addressing parliament, Malaysian International Trade and Industry Minister Mustapa Mohamed said that the country has participated in preparing the TPP drafts, including chapters 6, 21 and 24 relating to cooperation, capacity building and development for small and medium-sized enterprises.
The approved resolution will be deliberated in the upper house on January 28.
If the upper house approves the deal, Minister Mustapa will represent Malaysia at the signing of the accord in New Zealand on February 4.
The TPP negotiations started in 2005 and concluded in late October last year. The twelve members of the agreement are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam.
Once it takes effect, the agreement will establish a free trade zone that represents nearly 40 percent of global GDP.