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Ministry of International Trade and Industry Malaysia Official Blog

Tag Archives: Asean Economic Community

ASEAN has potential to be world’s 4th largest market by 2050, say businessmen
October 13, 2015 , by admin2

Executive Director Roy Michael said that with over 600 million people and a combined gross domestic product (GDP) of 2.4 trillion ringgit ($600 billion) in 2013, ASEAN is the seventh largest market.

“Should the trend continues, it has the potential to become the fourth largest market globally by 2050,” he added.

He told Bernama ASEAN recorded over $1.2 trillion in total merchandise exports, making it one of the most open economic regions in the world.

“Significant progress had been made in integrating the economies of the 10-member states under the ASEAN Economic Community (AEC) blueprint which is expected to be a reality by year-end,” he said.

Michael was speaking after hosting the ASEAN-US Trade Winds Forum at the Malaysian embassy here on Wednesday. It was attended by American policy and industry leaders.

The half-day forum is a quarterly event hosted on rotation among ASEAN embassies here to increase understanding between American and ASEAN small and medium...

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Success of SMEs crucial for regional integration — Deputy Minister
October 13, 2015 , by admin2

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KUALA LUMPUR, Aug 18: The success of small and medium enterprises (SMEs) is crucial for ASEAN to be truly integrated, says Deputy Minister of International Trade and Industry Datuk Lee Chee Leong.

Lee said resilient SMEs should start to have a global mind-set.

“They should explore opportunities from liberalisation under the ASEAN Economic Community and expand their trade and investments,” he said at the launch of I-Score credit risk management tool.

The I-Score is co-developed by Rating Agency Malaysia Credit Info Sdn Bhd (RAMCI) with global information services company, Experian plc.

The tool, designed for financial institutions, business corporations and consumers, provides a comprehensive credit report ranking consumers, business partners and potential investors for credit risk.

Lee said SMEs could now use the tool to assess the strategies for their businesses if they intended to expand them.

“This will help address the challenges faced by SMEs to obtain...

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Malaysia To Add 28 New Sub-Sectors In Liberalisation Of Services Sector
June 17, 2015 , by admin2
KUALA LUMPUR, Nov 19 (Bernama) — Malaysia will finalise the remaining 28 new sub-sectors in the liberalisation of services sector by next year, for inclusion in the 10th Asean Framework Agreement on Services (AFAS) package. International Trade and Industry Minister Datuk Seri Mustapa Mohamed said Malaysia had cumulatively covered 100 services sub-sectors in the Ninth Package, among them, healthcare, tourism and telecommunications. He said Malaysia is currently gathering suggestions and feedback from other Asean countries which would be discussed at the end of February or early March 2015. “We are also preparing to take over the chairmanship of Asean next year, and we hope the 10th Package would be finalised by October ahead of the targeted launch date of the Asean Economic Community by end-2015,” he told the media after the National Seminar and Workshop on Trade in Services here, today. He said the 28 sub-sectors might not be necessarily new, with enhancements to be made...
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Lay Out Strategy For AEC, Urges Asean Business Club
June 16, 2015 , by admin2
KUALA LUMPUR, Dec 1 (Bernama) — Asean Business Club (ABC) Co-Chairman Datuk Nazir Razak has urged the government to lay out Malaysia’s strategy for the Asean Economic Community (AEC), which will be a reality from next year. He said Malaysia, the Asean chairman in 2015, should further push the country’s aspiration and contribution to making the AEC a more meaningful economic reality. “We hope the government can lay out the strategy as to where we are going to be in the next 12 months,” he told the media on the sidelines of an ABC delegation visit to Malaysia and the launch of the “Lifting-The-Barriers Reports” here Monday. Nazir, who is also CIMB Group Chairman, said the ABC, which is already working with AEC consultants, has submitted a report to the AEC secretariat urging Asean member countries to prepare all sectors involved in the AEC, including retail, automotive and manufacturing. Ministry of International Trade and Industry Secretary General Datuk Dr Rebecca...
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Economic integration for Asean
June 16, 2015 , by admin2
IN early 2006, Asean senior economic officials were given this challenge by their Ministers: craft the economic future of the grouping; an economic community not by 2020, as stipulated in Asean Vision 2020, but in 2015. Thus began the work towards an economically integrated Asean. Translation: the free movement of goods and services; and freer movement of capital and talents among the ten member states. In 2006, when the proposal to push for the realisation of the Asean Economic Community (AEC) in 2015 was mooted, it made economic sense. We had just come out of a major economic crisis, and initiatives towards the Asean Free Trade Area (AFTA) were well on the way. We were looking forward to the next steps towards deeper economic integration. So we drew up the AEC Blueprint as the guiding framework, and the AEC Scorecard to ensure that we did what we said we were going to do. And in all fairness, we have worked tirelessly to ensure that implementation was on track. But as 2015...
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Look East Policy 2.0 to focus on Economic Cooperation with S. Korea
June 16, 2015 , by admin2
SEOUL: Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed, said the second wave of the Look East Policy (LEP 2.0) will give a special focus on economic cooperation with South Korea and for a start it will be in line with Malaysia’s Economic Transformation Programme and South Korea’s Creative Economy initiatives. He said emphasis would be on developing strategic sectors such as automotive, small and medium enterprise (SME) development, trade and applied research and development to leverage on each other’s trade and investment environment ecosystem. “To drive implementation of LEP 2.0, both Malaysian and South Korean governments will leverage on the existing cooperative channels on bilateral industrial cooperation in automotive, electrical and electronics/information and communications technology, plant, and trade and investment to explore new areas of collaborations,” he told the Malaysian media here today. Mustapa is here as a member of the...
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PKS ASEAN miti lancar pelan induk tahun depan
June 16, 2015 , by admin2
YBM - ASEAN, 22 Disember 2014 Read More
Malaysian businessmen told to gear up for Asean competition
June 16, 2015 , by admin2
KUALA LUMPUR: Local companies, both big and small, need to “up their game” and gear up for competition with the upcoming Asean Economic Community (AEC) this year. “With the market liberalisation, we’re talking about an economic community,” said International Trade and Industry Ministry Asean Economic Cooperation division senior director P Ravidran at a media roundtable yesterday on the impact of the Asean Free Trade Area on the commercial vehicle and logistics industry. “The Government has put in place movements to remove barriers to trade, so it’s up to the private sector to take advantage and adjust their business models.” He added that local companies could not just rely on the domestic market for growth. “You have to export and with the removal of barriers to trade, it’s not just for the big companies to benefit, but also small and medium-sized enterprises.” According to reports, the 10-member Asean has completed over 83% or 366 out of 436 economic...
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Mustapa Meets Counterpart In India
June 16, 2015 , by admin2
JAIPUR (Rajasthan), Jan 16 (Bernama) — International Trade and Industry Minister Datuk Seri Mustapa Mohamed met Indian Commerce and Industry Minister Nirmala Sitharaman and discussed the strong bilateral ties between the two nations. Among others, India requested Malaysia, which is the current chair of Asean, to take up a more proactive role in the negotiations for the Regional Comprehensive Economic Partnership (RCEP) trade pact. Mustapa said Malaysia considered the conclusion of the RCEP negotiations as one of the deliverables during Putrajaya’s chairmanship of the 10-member grouping. There are ample political will to conclude the negotiations, he said during the 15-minutes meeting held on the sidelines of the Confederation of Indian Industry Partnership Summit 2015 here today. RCEP is a proposed free trade agreement, which involves the 10 members of Asean and six other nations namely Australia, China, India, Japan, South Korea and New Zealand. The negotiations for RCEP,...
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Malaysia To Lead Conversations On Asean Economic Integration At WEF 2015
June 16, 2015 , by admin2
KUALA LUMPUR, Jan 16 (Bernama) — Malaysia’s participation at this year World Economic Forum (WEF) reflects its commitment to shape the global trade agenda, and lead conversations on Asean economic integration, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said. “This is an important year for Malaysia and as Chair of Asean, we must be in the forefront in ensuring the realisation of the Asean Economic Community (AEC). “We must take the opportunity to engage the international business community and civil society and lead by example,” he said in a statement Friday. Prime Minister Datuk Seri Najib Tun Razak will be attending the two-day forum from Jan 23 in Davos, Switzerland. Najib, who is also Finance Minister, will be accompanied by Mustapa and Minister in the Prime Minister’s Department Datuk Seri Wahid Omar. The delegation also includes several prominent Malaysian business leaders as well as heads of investment-related agencies. One of the...
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