TPP To Bring In More Quality Jobs, Says World Bank Group

KUALA LUMPUR, Dec 4 (Bernama) -- The Trans-Pacific Partnership (TPP) will bring in more quality jobs, apart from investment and trade, says the World Bank Group. South East Asia, Regional Director, Dr Ulrich Zachau said this is due to the high standards being set in the partnership. "This will ultimately help Malaysia go up the value chain as there will be higher quality, higher value added product and services, to be generated in the country," he told reporters on the sidelines of the 10th Asia Economic Summit here Friday. Zachau was a panelist at the summit. He said the TPP would also improve the business environment in Malaysia for both foreign and domestic investors and thus spur economic growth. "We (World Bank Group) believe global trade integration and openness will promote growth in the participating countries," he added. Zachau said Malaysia as a country participating in the TPP would also gain from being a preferred investment destination in the region as compared to the non-TPP countries. "What we can expect is some shift in trade and investment away from those who are not yet participating, to those in the pact," he added. Meanwhile, on the TPP's impact on the ASEAN Economic Community (AEC), he said both blocs are different in term of economic strength, despite the involvement of some ASEAN countries in the TPP. "The TPP pulls in large economic power from around the Asia-Pacific region. It is a huge opportunity to come together in that environment," he said. He added, however, Malaysia as a TPP member can help lift the AEC by adopting the high standard implemented in the partnership. "The standard being set (in AEC) is not as high as that of the TPP.But, Malaysia being involved in the TPP, has the opportunity to haul ASEAN towards the standard of the former. Themed, "Thriving Amidst Global Economic Uncertainties and Challenging Times", the one-day summit evaluated the key trends and challenges facing Asia. Organised by the Asian Strategy and Leadership Institute (ASLI), it also analysed strategic issues and solutions for businesses to thrive in the current uncertain and difficult times. --BERNAMA