‘Focus on Asean market’

KUALA LUMPUR: Malay Chamber of Commerce Malaysia (DPMM), which will send a memorandum to the Ministry of International Trade and Industry (Miti) by the end of this month highlighting its concern over the Trans-Pacific Partnership Agreement (TPPA), is proposing that the government focus on the Asean market.
DPMM, however, stopped short of stating that it is against TPPA.
A special parliamentary sitting on the TPPA will be held later this month.
DPMM president Datuk Syed Ali Alattas told reporters yesterday that Malaysia has not yet explored the entire Asean market, adding that the government should focus on Asean countries to promote trade and exports.
"With over 600 million people, the Asean market is really huge, with huge potential. This (market) should be our priority," he added.
Syed Ali said the memorandum follows a roundtable on the TPPA's impact held by DPMM and its research arm MCCM Research and Development Foundation yesterday.
In 2013, the chamber submitted a memorandum to Miti urging the ministry to postpone the TPPA signing until the country achieved its developed-status target in 2020.
Syed Ali also said local businesses will not be able to compete with multinational and bigger companies if the country is included in the partnership.
At present, he said, more than 90% of DPMM's members have an annual turnover of less than RM200,000.
"This (agreement) will burden them more. Maybe we can't see it today, but in three to five years we will realise that this agreement is actually burdening them.
"If we look at it, only six out of 29 chapters in the text are associated with trade and economy, whereas the remainder (of the chapters) were only made to tie us up. In the long term, we are looking at losing the country's sovereignty and independent rights," he added.