In explaining the controversies surrounding the Trans-Pacific Partnership Agreement (TPPA), Datuk Seri Mustapa Mohamed reiterates that it is needed and Malaysia needs to be part of it sooner rather than later.
The Minister of International Trade and Industry (MiTi), better known as Tok Pa, admitted that it was controversial because it had too wide a scope, however, the best interests of the people were safeguarded.
Touching again on fears that Malaysia would be colonised by the United States (US), Mustapa said this would not happen because Malaysia’s investment overseas was far more than foreign investments in the country.
“Malaysia’s foreign investment overseas amounts to around RM522 billion, more than foreign investments in the country that is RM477 billion in Q2 2015.
“The existence of Malaysian companies and professionals overseas does not mean we colonise those countries,” he said at the briefing session held at PWTC today.
Mustapa also said that with TPPA, the government could be sued.
While this was nothing different, he said, what was different was the inclusion consultation process.
“Now it is compulsory for consultations for six months. Investors need to prove that losses happened as a result of measures introduced by the government,” he added.
The almost 40-minute long briefing saw Mustapa cover past issues raised on the TPPA, giving explanations to Umno members and the public here on the surface level.
Without going in-depth on the issues, Mustapa said there was good and bad to the agreement, however the amount of good it held made it necessary for Malaysia to be part of it.