MEXICO ADMITTED AS A NEW MEMBER INTO THE TRANS-PACIFIC PARTNERSHIP (TPP) NEGOTIATIONS

MEXICO ADMITTED AS A NEW MEMBER INTO THE TRANS-PACIFIC PARTNERSHIP (TPP) NEGOTIATIONS:
On 18 June 2012, the current nine (9) Trans-Pacific Partnership (TPP) negotiating participants unanimously accepted Mexico into the TPP negotiations. This follows several months of bilateral consultations between Mexico and the 9 participants.
Mexico will be able to formally participate in the negotiations after all the current participants have undertaken their domestic procedures.
Considering the advanced state of negotiations, Mexico will have to abide with procedures established to ensure that there is no undue delay to the negotiations.
The procedures allow sufficient opportunity for Mexico to be fully engaged in the negotiations to conclude a comprehensive and balanced package.
Dato’ Sri Mustapa Mohamed, Minister of International Trade and Industry Malaysia said “Malaysia welcomes the inclusion of Mexico into the TPP.  Mexico offers Malaysia an extensive network of FTAs and a large domestic market. The TPP provides potential for Malaysia to increase and diversify our exports to Mexico.”
Exports to Mexico of major interest to Malaysia include electrical and electronic products, textiles & clothing, chemical and chemical products and manufactures of metals. Malaysia’s total trade with Mexico grew from RM2.9 billion in 2000, to RM6.2 billion in 2011. Mexico is Malaysia’s 2nd largest trading partner among Latin American countries after Brazil.
Mexico’s participation will also create a larger TPP market for Malaysian goods and services. In 2011, Malaysia’s total trade with the TPP countries, including Mexico, amounted to RM349.6 billion or 27.4 per cent of Malaysia’s global trade for that year.
Dato’ Sri Mustapa Mohamed also said “the inclusion of Mexico takes us another step closer towards the realisation of a Free Trade Area across the Asia-Pacific region. It is Malaysia’s hope to see other major Asia-Pacific countries that are ready to accept the comprehensive scope and high standards of the TPP join this initiative.”
The TPP is an initiative to establish a comprehensive, high-ambition, next-generation FTA which will not only encompass the elements of a traditional FTA but also new areas i.e. Government Procurement, Competition, IPR, Labour, Environment and Horizontal Issues (Regional Integration, Regulatory Coherence, Competitiveness and Supply Chain, Development and SMEs).
To date Twelve (12) Rounds of negotiations have been held. The 12th Round was held from 8 – 18 May 2012 in Dallas, US. Three more rounds have been planned for the year.
The original participants are Australia, Brunei, Chile, New Zealand, Peru, Singapore, United States and Viet Nam. Malaysia joined the negotiations on 5 October 2010.