Malaysia's Prime Minister Najib Razak said on Tuesday the country welcomes the free trade arrangements with the United States.

"Some progress has been made in (the 12th round of TPP negotiations) in Dallas and we were given a fresh mandate. I think it will be good for the United States and ASEAN. So I hope the current administration and whoever is elected after the November election in the United States will be able to take that as part of the American agenda because this is the fastest growing region in the world," Najib said.

"It is good for the United States to have ASEAN as a strong trading partner," he added.

He was speaking to some thousands of business leaders at a major investment conference organized by Malaysia's Maybank when answering a question about the pact.

Najib said he is pleased with the progress of the TPP's 12th round of negotiations that concluded on May 16 in Dallas, Texas, though he doesn't expect the Trans Pacific Partnership to be concluded this year because of the US election.

Negotiators were said to have narrowed differences and charted a course ahead on the integration of small businesses in the Dallas meeting.

The TPP involves nine countries: Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, the United States and Vietnam.

The trade deal was proposed by the United States to promote greater market access and regional trade among signatories if sealed.

A free trade agreement between Malaysia and the United States had been initiated in 2005 but was announced last year to be terminated after years of suspension over government policy concerns.