Mahathir pours scorn on participation in TPPA

Former prime minister Dr Mahathir Mohamad has emerged as the latest opponent of the controversial Trans-Pacific Partnership Agreement (TPPA).

In his latest criticism of prime minister Najib Razak's administration, Mahathir urged the government to walk out of the pact.

Saying its secretive character would harm the country, the former strongman described TPPA as a ploy for Washington to access the resources of smaller economies.

"The US has more debt than income for some time now. They are trying to increase their wealth through these agreements," Mahathir was quoted saying by Malaysiakini at a roundtable on the TPPA.

The secretive talks on TPPA, said Mahathir, had raised suspicion and worries that something was wrong and “there are things in the agreement that the negotiators don't want the public to know.”

Admitting that he had read the 'leaked' details of the agreement, Mahathir said TPPA would only increase imports and reduce exports.

“It is not good for us. I am indirectly telling the government not to sign this agreement.

“Powers-that-be can control the country not only through military power, but through economic muscle as well,” he warned.

Also known as the Trans-Pacific Strategic Economic Partnership Agreement, the US-led initiative aims to link its economy to fast-growing markets in the region, and apart from the US, it includes Australia, Canada, New Zealand, Peru, Mexico, Chile, Singapore, Malaysia, Vietnam and Brunei.

While the agreement has been carefully guarded by officials, some details were leaked.

The leaked provision among others shows broad definition of ‘investment’ that includes protecting intellectual property rights, mining and manufacturing licences, and exempting foreign investors from new regulations by member states, as well as binding state and local government authorities to commitments by the Federal government. -HD