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Friday, September 18th, 2020

Malaysian officials suspicious on TPP prospect following Trump's victory

by November 10, 2016 General

KUALA LUMPUR, Nov. 10 (Xinhua) — Malaysian officials and analysts have showed suspicion on the prospect of the U.S. – led Trans-Pacific Partnership (TPP) following the astonishing victory of Republican candidate Donald Trump in the U.S. presidential election.

During his campaign, Trump has publicly objected the trade deal, which involves Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam. Malaysian parliament approved TPP and the government has promised to ratify it by 2018.

Mustapa Mohamed, Malaysia’s International Trade and Industry Minister who led the negotiations, was quoted as saying by local media on Thursday that the agreement would fail without the participation of the world’s biggest economy, and that might affect Malaysia’s economy.

Oh Ei Sun, an analyst at Singapore’s Nanyang Technological University, told the local Malay Mail that the chances of the TPP being implemented would be slim even if Democrat Hillary Clinton was elected considering her objection.

Some officials and analysts are putting the hope on the outgoing U.S. president Barack Obama to put through TPP at the remaining of his tenure.

Trump’s surprising victory sent waves across the global financial markets. The Malaysian ringgit fell to nine-month low against the greenback.

The central bank said it was closely monitoring the market situation and ensures that liquidity remains ample to support an orderly market.