KUALA LUMPUR: The Malaysian economy is still able to remain strong, dynamic and full of potential as well as opportunities with its existing trade partners even without the Trans-Pacific Partnership Agreement (TPPA), said Prime Minister Datuk Seri Najib Razak today.
Following the withdrawal of the United States (US) from the TPPA recently, Malaysia together with the other 10 TPPA member countries would hold a meeting to discuss the next direction and move.
"Whatever the conclusion of the meeting, I would like to explain that we should not be worried on Malaysia's economic condition if the TPPA did not materialise," he stressed in his latest posting, "TPPA and the Malaysian Economy", on his blog najibrazak.com today.
The prime minister said to-date, Malaysia had strong bilateral relations with countries such as China and Japan.
In fact, the trade value between Malaysia and China this year was expected to reach US$100 billion, he said.
"We are also a member of the ASEAN Free Trade Area and have bilateral free trade agreements (FTAs) with countries such as India, New Zealand and Australia," said Najib.
He said besides that, the government through the Ministry of International Trade and Industry is currently evaluating efforts to establish bilateral FTAs with a few TPP members.
Additionally, Malaysia will continue efforts to finalise the Regional Comprehensive Economic Partnership (RCEP) involving China and India with a consumer market that is much bigger than the TPPA. "Insya Allah (God willing), I am confident that through these measures and other efforts being carried out, our economy especially those related to trade and foreign investment will continue to be sustainable and competitive.
"Malaysia remains open for business," he said. Meanwhile, commenting on the appointment of Donald Trump as the 45th President of the US, Najib stressed that if there were any changes in the leadership of any country, the Malaysian government would carefully monitor their international relation policies.
"We will also take proactive measures to adjust based on any changes that occur, besides increasing our efforts to ensure that our bilateral ties remain strong." he said.