10:22 | 31/01/2016 Global Economy
Malaysia’s upper house on January 28 approved a motion to allow the country’s International Trade and Industry Minister Mustapa Mohamed to sign the Trans-Pacific Partnership (TPP) deal In New Zealand on February 4.
llustration photo (Source: AP)
The motion was passed with voice votes from the 67 member of the upper house.
On January 27, the parliament’s lower house approved the deal with 127 votes in favour and 84 against.
The TPP negotiations started in 2005 and concluded in late October last year. The 12 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./.