Ex-Prime Minister: participation of Malaysia in the TPP contradicts the Kingdom’s interests

Ex-Prime Minister: participation of Malaysia in the TPP contradicts the Kingdom’s interests

Former Prime Minister of Malaysia Mahathir Mohamad believes the TRANS-Pacific partnership a bad agreement that will allow foreign companies to submit to the government of the Kingdom of large claims in case of disputes.

BALI (Indonesia), 11 Oct. The participation of Malaysia in the TRANS-Pacific partnership (TPP) is contrary to the interests of this country, said former Prime Minister of the Kingdom of Mahathir Mohamad.

“TPP is a bad agreement, because it will allow foreign companies to initiate government lawsuits amounting to billions of ringgit” — quoted in this Sunday statesman, who ruled Malaysia for over two decades, a leading Malaysian publication the Star.

Ex-Premier explained that in the adopted TPP mechanisms for resolving disputes between foreign investors and the state will allow the first to achieve from the countries hosting their investments, the repeal of laws that affect them. As an example, he cited the possibility that a review by the Malaysian government license to operate a foreign mining company that has damaged the environment, can now be challenged in court.

“They can even claimed in court compensation for loss of profits”, — said the Mahathir Mahamad.

The TPP agreement was reached last Monday. It will created a free trade area in the Asia-Pacific region. The Pacific countries account for 40% of the world economy and a third of world trade. The parties to the agreement — the U.S., Canada, Mexico in North America, Peru and Chile to the South, Japan, Malaysia, Brunei, Singapore and Vietnam in Asia as well as Australia and New Zealand. However, the Malaysian Parliament has yet to ratify the participation of the Kingdom in the new shopping block.

The President’s press Secretary Dmitry Peskov later stated that Moscow’s position on TTP will be formed after careful analysis to ensure that it meets the interests of Russia. At the same time he reminded of the speech of Vladimir Putin at the session of the UN General Assembly in which he expressed concern about the creation of some closed structures, which would then be a substitute for the WTO and international trade rules.