Dateline 2015-12-03, The Malay Mail:
National oil giant Petronas will extract only marginal benefits from the Trans-Pacific Partnership (TPP) should Malaysia sign on, said a report by consultancy firm PricewaterhouseCooper (PwC) released today.
PwC noted that Petronas mostly exports to countries that are not part of the free-trade deal, adding that there are currently no or close to zero taxes imposed on its products that are sold to TPP member countries.
“The potential gains to Petronas from lower trade barriers are expected to be minimal. 74 per cent of Petronas’ exports are to non-TPP countries.
“In addition, a significant portion of Petronas’ export to the TPP countries already incur zero tariffs. For example, 60 per cent of Petronas’ export of liquefied natural gas (LNG) are destined to Japan at zero tariffs,” it said in its cost-benefit analysis of Malaysia’s signing of the TPP.