International Trade and Industry Minister Mustapa Mohamed rejected claims that the Trans-Pacific Partnership Agreement (TPPA) would lead to Malaysia being recolonised.

"There are more Malaysian companies abroad, so you can say that Malaysia is the one colonising the other countries, if you want to use that logic," he said in a seminar in Kuala Lumpur today.

He clarified that the presence of Malaysian companies in other countries does not mean “we are colonising those countries”.

As such, the reverse also does not mean Malaysia is being colonised by foreign powers, he said.

The interests of Malaysia, including bumiputera rights, are also preserved in the TPPA, he added.

Mustapa also stressed that while the TPPA would involve amending certain laws in accordance with the trade agreement, it will not affect the federal constitution.

"This may involve improvements to the existing laws and regulations, but it will not involve amendments to our constitution," he said.

He also attempted to allay fears of the investor-state dispute settlement (ISDS) provision in the TPPA.

ISDS is not something new to Malaysia, he said, pointing out that the country had signed many bilateral investment treaties and free trade agreements which also has the ISDS mechanism.

So far, he added, only two foreign companies have sued the government of Malaysia.

Meanwhile, the ISDS could work to protect local investors in countries which are in investment treaties with Malaysia, he said.

As with any policy, he reiterated that there will always be pros and cons.

However, the government sees that the benefits outweigh the disadvantages, he said.

"Parliament will debate and make a decision to sign (TPPA) at the end of January 2016 while the ratification of the agreement will be made two years after the signing," he said.

The TPPA is a sweeping trade agreement between 12 Pacific rim countries, including Malaysia and the US.

Its negotiations were successfully concluded on Oct 5 this year, though it still needs to be signed by the governments of the countries involved.

Critics have said it would have an impact on among others, healthcare costs and national policies.

World Health Organisation (WHO) chief Margaret Chan has said the agreement raised serious concerns about the affordability of healthcare and medicines.