Malaysia has two years to amend 26 laws and regulations to meet the requirements of the Trans-Pacific Partnership (TPP) should Parliament approve its membership this week.
International Trade and Industry Minister, Datuk Seri Mustapa Mohamed has said the laws that would need to be reviewed include those relating to labour and intellectual property rights. The Treasury’s circular on procurement would also have to be amended.
The TPP will be tabled in Parliament on 26 and 27 January 2016. If passed, Malaysia will sign the TPP agreement in February to take effect in 2018.
Datuk Seri Mustapa said that TPP agreement was about adopting higher standards in line with the country’s aspirations to be a developed nation, including fighting corruption. He also said the Government felt strongly about becoming a member as it did not want to lose out to other countries in terms of competitiveness.
“We believe we have an advantage if we are a TPP member,” he added. “It will also allow us to give better protection to Malaysian companies investing abroad.”