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Malaysia PM urges TPP 'renegotiation'

AFP  |  Tokyo 

Malaysia's called today for the to be "renegotiated," and urged protection for small countries in

Malaysia, along with 10 other countries, pushed ahead with the TPP in March despite having yanked the out of the huge multilateral trade deal.

But told a gathering in he was "not very keen" on the agreement.

"We need TPP renegotiated," he said in a speech to the "Future of Asia" forum. "We have to recognise: Just as there are infant industries, there are infant nations, nations which are just beginning to grow," he said.

"They need to have some privileges, some protection for themselves, because they are not in a position to compete with the great trading nations, the great of the "

Eleven countries circling the Pacific signed a slimmed-down version of the TPP in March, opting to proceed with the deal after it was left for dead when Trump pulled out to pursue his "America First" agenda.

The US has since sparked fears of a trade war by levying steep tariffs and denouncing unfair trading practices, even rejecting a joint communique at the summit over trade disagreement.

Mahathir, on his first foreign trip since a surprise election victory last month, said countries like needed a helping hand in

"The countries with little capacity to compete must be given due consideration. It is like playing golf... the weakest people get the highest handicaps," he said.

"In that way competition would be much fairer." The signatories to the TPP represent 13.5 per cent of the global and a market of 500 million people.

The deal was pushed by former US Barack Obama's administration in part as a way to counter growing Chinese commercial power.

It cuts tariffs and requires members to comply with a high level of regulatory standards in areas like and environmental protection.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, June 11 2018. 09:55 IST