KUALA LUMPUR, Aug 7 (Bernama) -- It is of utmost importance that the concerns of Trans-Pacific Partnership Agreement (TPPA) be addressed before it is signed said Datuk Chua Tee Yong, the Malaysian Chinese Association (MCA) young professional bureau chairman.
"TPPA on the whole will bring benefits to Malaysia in terms of competition and can lead the country to become developed nation.
"However there should be a balance of negotiation in the agreement between Malaysia and other countries to protect the interest of our people," he added in a statement today.
One of the issues that arises he said, is that the growth of local companies might be dampen due to the same status quo with foreign companies.
Besides that the legislation underlines in TPPA will limit parliament to draft new laws only if it is not deemed to affect the interest or future profits of multinational companies.
Chua said other growing concerns is on medical cost which might rise tremendously due to prolonged patent for medicine. This will only burden poor people and patients with long-term illness.
Business may also be affected by this in terms of possible extension of copyright terms from 50 to 100 years.
"Government should organise more road shows and discussions including in the parliament to gather feedback from law makers, industries and public before next negotiation.
"More transparent approach should be taken by government in this issue and ensure all concerns of people and country sovereignty are address and protected before TPPA is signed and pursued," he added.