Malaysian President Dr. Mahathir Mohamad has said the government will continue to negotiate the terms of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) until it is satisfied that they will not be detrimental to the country.
We have scrutinized the agreement and found many things that are detrimental to us in our efforts to develop the country.
We are a developing country but among CPTPP members there are developed nations. Between developing and developed countries, the terms will be unfair. And we need to give a special treatment to the weak, he said during a dialogue at the Congress on the Future of Bumiputera and the Nation here on Sunday.
Mahathir said the government held two meetings with experts in the past two weeks to determine whether the CPTPP terms were good for the country. We have identified what is bad for us and we need to renegotiate this provision, he added.
The CPTPP is a renegotiated trade deal borne out of the Trans-Pacific Partnership Agreement (TPP) after the United States pulled from the TPP.
The revised pact was signed by the remaining 11 TPP member states, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam on March 8.
In another development, Mahathir said the open policy in the automotive industry adopted by the previous government had caused Proton’s car sales to plunge, as the national carmaker was unable to compete with brands from abroad. He noted that Proton once commanded 87 percent of the local market, but its sales currently accounted for only 17 percent due to stiff competition that was deemed unfair.
We have opened our market to all countries, including countries that have barred our cars from entering their market. This is unfair, Prime Minister Mahathir said.
Source: International Islamic News Agency