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The Selangor state government acknowledges the Trans-Pacific Partnership Agreement (TPPA) signed by the federal government last month brings many benefits to the country, said a senior state executive councillor.

State Investment, Industry and Trade, Small and Medium Industries and Transportation Committee chairman Teng Chang Kim said the TPPA is expected to create one to two billion jobs by 2027.

He said the trade pact will also provide better investor-state dispute settlement (ISDS) mechanisms by providing flexibility to government policies related to regulation, public health, security and environmental protection.

The wider access to markets in TPPA countries such as Canada, the US and Mexico would also make the local automotive industry more internationally competitive, he said.

Teng (DAP-Sungai Pinang) also expressed support for the federal government’s readiness to guarantee protection to Bumiputera companies and small and medium enterprises in the TPPA.

“As one of the contributors to the nation’s Gross Domestic Product (GDP), Selangor will also be directly affected by the TPPA.

“In fact the TPPA will benefit the economy by raising the GDP as well as imports and exports through enhanced treatment of non-tariff measures,” he said at the State Legislative Assembly here today in reply to Sallehen Mukhyi (Sabak-PAS).

Teng pointed out that cost-benefit analyses by the Institute of Strategic and International Studies (ISIS) and PricewaterhouseCoopers (PwC) have shown the positive impact of Malaysia’s joining the trade agreement.

- Bernama