M'sia's Trade Performance Likely To Exceed US$484.1 Billion Soon With TPPA

KUALA LUMPUR, Feb 5 (Bernama) -- Malaysia's total trade is expected to exceed the US$484.1 billion (RM2 trillion) mark soon following the signing of the Trans-Pacific Partnership Agreement (TPPA). (US$1=RM4.13) Second International Trade and Industry Minister Ong Ka Chuan said the immediate benefits of signing the TPPA would be evident from the influx of investors to use Malaysia as one of their trade and investment platform. "The signing of the TPPA could boost sentiment and create confidence among investors," he told reporters after announcing the country's trade performance for 2015 here Friday. Thursday, Malaysia and 11 other countries inked the TPPA which is set to expand markets, reduce tariffs and promote freer trade. The 12 countries in the TPPA are New Zealand, Australia, Chile, Mexico, Japan, Peru, Canada, Vietnam, United States, Singapore, Brunei and Malaysia. The signing of the TPPA, held in Auckland, New Zealand, will represent nearly 40 per cent global gross domestic product (GDP) worth US$30 trillion (RM126 trillion). Meanwhile, Ong also said Malaysia recorded a positive growth in the second half of 2015 to 5.1 per cent from a negative growth of 2.8 per cent in the first half, mainly derived from exports to FTA partners. Exports to Turkey recorded a significant increase of 54.5 per cent. "The increase in exports, registered since August last year, was due to the implementation of the Malaysia-Turkey FTA," he said. He said Malaysia should also start looking for new markets including South America and Africa to further boost its trade performance. -- BERNAMA