Highlights of the MITI Weekly Bulletin, Vol. 109 include:
Barriers to Free Trade: APEC Business Leaders Voice Concern
At the 3rd APEC Business Advisory Council (ABAC) Meeting held in Bangkok from 24-27 August, 2010, business leaders from 21 APEC economies expressed their concern over new trade protection measures that have emerged in the wake of the global financial crisis. While most APEC economies have not resorted to such measures and have in fact liberalised trade and investment, business leaders noted that some have continued to take trade restrictive measures.
Progress of Malaysia-Turkey Free Trade Agreement (MTFTA) Negotiations
Malaysian and Turkish officials held their second meeting of Malaysia-Turkey Free Trade Agreement (MTFTA) from 23 to 25 August 2010 in Kuala Lumpur, Malaysia. The MTFTA is expected to boost trade and investment between the two countries. Turkey is an attractive market for Malaysian products as it has a large population base of 77 million people and GDP per capita of US$12,000. Turkey can serve as a gateway to Europe, the Middle East, Central Asia and North Africa.
Strategic Trade Act 2010 - Facilitating Trade In A Secured Trading Environment
In keeping with Malaysia’s obligations to adopt the United Nations Security Council Resolutions 1540, the Strategic Trade Act (STA) was passed in the Parliament in June 2010. This provides for control over the export, transshipment, transit and brokering of strategic items, including arms and related materials, and other activities that can facilitate the design, development and production of weapons of mass destruction (WMD) and their delivery systems. Trade and industry associations and business
councils should be aware of the requirements of and ensure compliance with the Act.
Dispute On ITA Products: WTO Ruling
The WTO Dispute Settlement Body (DSB) panel issued its report on the Information Technology Agreement (ITA) dispute between the USA, Japan and Chinese Taipei and the European Union (EU) on 16 August 2010. In the dispute, the complainants claimed that the tariff imposed by the EU on certain IT products did not respect the EU’s commitments to provide duty-free treatment under the ITA.
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