Wednesday, October 21, 2015

TPPA: Gyrating Assumptions

"No man is an island". In such, we have to embrace the challenges and demands thrown at our doors in the name of globalization. We no longer survive and walk the roads within the corridors and boundaries of our country but enveloped with ever changing practices, policies and cultures.

Innuendos however crawling into our lives, short of understanding and aware the impact of policy changes commanded by industries and market forces. The Goods and Services Tax (GST) implemented in the country in April 2015, however still berates the public. Indeed, information is key to acceptance of a policy or regulation set. Arguably, the exercise conducted to brief the public has fallen short from support. Not forgetting the role in motion by the Oppositions instilling unsavory reception, filling the gap of misinformed and lack of comprehensive briefings to the public by the 'Executives' and the 'Executors'.

We now coming to face with another challenge in a larger scale whilst the sea is not calm. The Trans-Pacific Partnership Agreement (TPPA) a regional free trade deal between 12 nations in the Pacific Rim has recently reached its agreement on the 5th October 2015, but with some contentious issues ie; involving agriculture, intellectual property, services and investments needed to resolve before it could be implemented.

Numerous assumptions been circulating on the subject of TPPA, sadly they are made by people whom are not directly involved nor in the circle of dialogue. Certainly it is natural for any mankind to be resolve with their present state. As they have erected walls of convenience from intrusions of CHANGE and evolution. But we have to realise and adapt with change. The reality of present and the future both has its hindsight, undeniably it too offers the best of both world.

"Overall it (TPPA) more profitable and of what was said by some people that it hampers the economy, I think that things are not quite right. Equally we wait for the details to be announced by the government next month and it will be announced in the council," says the MCA Deputy President, Datuk Ir. Dr Wee Ka Siong upon stressing that TPPA does not bring harm to the country. The Minister in the Prime Minister's Department further reiterates the Ministry of International Trade and Industry (MITI) has conducted a cost-benefit study of the impact of these agreements on SMEs.

"And I will do my best to ensure that SMEs are given a fair deal in the future," as he told reporters after officiating the Financial and Business Solutions SMEs 2015, last Thursday.

"I understand SMEs are concerned they will be left behind when multinational companies from developed countries participate or invest in our country in large numbers when the agreement is executed. But they should not worry because we will ensure their concerns (SMEs) are taken into account and more information about the advantages of the agreement will be given to them," he said.

Wee said that even the agreement would open a business in Malaysia to market that accounts for 40 percent of world gross domestic product.

"It was a prelude to a larger market for SMEs because they can access and promote investor confidence in the Malaysian market. We encourage them (SMEs) to take the opportunity to explore the international market," he said.He said 

The writer is in the opinion ...The public and most certainly grouses raised by some economic sector are worried TPPA could be detrimental to their livelihoods. Obviously, TPPA a free trade agreement which is regarded as the global economic trend which is currently open and will enable Malaysia to gain access to a larger market. 

The allegations made by the Oppositions that Malaysia will be "pawned" is entirely libelous. Malaysia is a trading nation and should benefit from the TPPA. In addition more research on the impact of the agreement is also required and a comprehensive deliberation exercised. Debates and understanding is very important because TPPA is an agreement involving the regional economy ... hopefully together we can look forward how to mold TPPA according to Malaysian version, in moving forward with progress and prosperity of the nation.