Editor's Note: Malaysiakini had published an earlier version of this article which Bernama then retracted and replaced with the following.
The Selangor state government has expressed its hope for the federal government to continue protecting national interests including state-owned enterprises and domestic market once the Trans-Pacific Partnership Agreement (TPPA) is implemented.
State Investment, Industry and Trade, Small and Medium Industries and Transportation Committee chairperson Teng Chang Khim said although the state government was against the agreement, it had acknowledged that it too would receive the same direct impact as of the country as a whole.
"Based on cost-benefit analyses by Institute of Strategic and International Studies (ISIS) and PricewaterhouseCoopers (PwC) the trade pact is expected to bring positive and negative impacts," Teng said in reply to Sallehen Mukhyi (Sabak-PAS) in the state legislative assembly in Shah Alam today.
Among positive impacts are the increase in Gross Domestic Product (GDP) as well as imports and exports through enhanced treatment of non-tariff measures.
The trade pact is also expected to benefit the national car industry which will gain access into free-tariff markets of TPPA country members.
It is also projected to create between one and two billion jobs by 2027.
"On the negative side, open sectors such as oil and gas as well as construction are expected to be in a highly-competitive environment," he said,
On Feb 4, Malaysia with 11 other countries signed the mega trade pact which is expected to provide greater market access, reduce tariffs and promote freer trade.
The other 11 countries are Australia, Brunei, Canada, Chile, Japan, Mexico, New Zealand, Peru, Singapore, the US and Vietnam.
The comprehensive 21st century trade pact represents nearly 40 percent of global GDP worth US$30 trillion.