Business opportunities in TPPA

From left: Lim, CEE Director Lim Guat Yen, UTAR Council Member Tan Sri Datuk Seri Dr Fong Chan Onn, Dato’ Seri Ong, Prof Chuah, Dr Tham, Fui, Faculty of Business and Finance Dean Dr Choong Chee Keong, and FAM Dean Dr Sia Bee Chuan

The Trans-Pacific Partnership Agreement (TPPA) is set to boost Malaysia’s economic growth and raise its citizens’ living standards. Based on the findings reported by PricewaterhouseCoopers (PwC) in 2015, the trade agreement is projected to boost Malaysia’s gross domestic product (GDP) by about RM450 billion, creating up to 2 million jobs by 2027. 

Clockwise from top left: Dato' Seri Ong, Lim, Dr Tham, and Fui

Speaking at the forum held in UTAR Sungai Long Campus, Malaysian Second Minister of International Trade and Industry and UTAR Council Member Dato’ Seri Ong Ka Chuan said it will provide Malaysia with market access to Canada, Mexico, Peru, and the United States, which Malaysia currently has no Free Trade Agreements (FTAs) with.

“Tariff and non-tariff barriers are eliminated or reduced across all trade like goods, services, and investment. It also facilitates cross-border integration and opening domestic markets, so as to create prospective opportunities for our businesses, workers, and consumers,” said Ministry of International Trade and Industry (MITI) Principal Assistant Director and forum panelist Lim Chee Hau.

As the government is aware of the country’s need of developmental policies for Small and Medium Enterprise (SME) development, the ministry is committed to help SMEs take advantage of this trade agreement so that TPPA fulfils its potential for maximising development, competitiveness, and inclusiveness.

TPPA has become a matter of national interest, generating debates on issues such as intellectual property rights, special drawing rights, data exclusivity, investor state dispute settlement, labour rights, standards transparency, governance, competition, sovereignty, and more.

Panelists Fui K. Soong and Dr Tham Siew Yean ventured that more awareness is needed as there is still a lot of misconceptions being circulated due to lack of information.

“The university is committed to educating students and the general public in developing the skills and flexibility needed so that they are prepared and well informed about the developments of the country,” said UTAR President Ir Prof Academician Dato’ Dr Chuah Hean Teik.

On 4 February 2016, Malaysia officially joined the TPPA with eleven Pacific Rim countries, namely Australia, Brunei, Canada, Chile, Japan, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam.

This forum was organised by the Centre for Extension Education (CEE) and the Faculty of Accountancy and Management (FAM).