Malaysia is hosting the 16th ASEAN Economic Ministers’ Retreat on 27-28 February 2010 in Putrajaya. The Retreat is held with the objective of allowing Ministers to exchange and deliberate on strategic issues in relation to ASEAN’s internal economic integration as well as external economic relationship with Dialogue Partners. This year’s Retreat is held at a very challenging time as economies embark on recovery measures from the global financial crisis. Ministers will be deliberating on a number of issues pertaining to:

The ASEAN Economic Ministers discussed a range of issues impacting on ASEAN’s competitiveness and the ability of the region to remain as favoured destination for investors. The Ministers reviewed the progress in implementation of the ASEAN Economic Community Blueprint measures.   

“ The average shopper now has a choice previously not available to them; today you will find several products many of which have a comfortable spot in most Malaysian supermarkets. This degree of choice is commonplace and to some extent expected for most: in one grocery run, you can pick up cheeses from Australia as well as sayur bayam from a local producer and get the best value for money. With this in mind, free trade agreements (FTAs) often do not receive the attention that they deserve .”  

Efficient service delivery is the mantra of the civil service these days. Many initiatives have been undertaken to facilitate business especially in enhancing delivery at just a fraction of the original duration and cost. Thanks to the advent of technology - MITI has made it easier for businesses to access online services to certify, register, import and export their products. You can now take advantage of benefits offered through various Free Trade Agreements (FTAs) and preferential schemes …  apply for Approved Permits (APs) …  gain access to information on international trade fairs, trade & investment missions… identify suitable joint -venture partners and get business news heads-up… from anywhere, anytime …..and the list goes on…………….! It cannot be denied that the public service delivery has been enhanced with the advent of technology – read more on the views of the Secretary General of MITI on Improving Service Delivery via Online Tools.  

Malaysia’s overall exports under the FTA preferential schemes during the first quarter 2010 have shown improvement. On 1 January 2010 Malaysia implemented ASEAN-India Free Trade Area (AIFTA) and ASEAN-Australia and New Zealand Free Trade Area (AANZFTA). During the first quarter of 2010, Malaysia issued a total of 76,929 preferential COs with exports valued at RM22 billion to ASEAN Member States, People’s Republic of China, Republic of Korea, Japan, Pakistan, India, Australia and New Zealand, registering an increase of 43.9% in the number of preferential COs and 53.2% in FOB value compared with the corresponding period of 2009. With a total FOB value of RM8.5 billion, Malaysia’s exports under AFTA recorded the highest value among the eight FTA preferential schemes in 2010. It was followed by AKFTA (RM6.2 billion), ACFTA (RM3.1 billion), MJEPA (RM1.9 billion), MPCEPA (RM1.3 billion), AJCEP (RM473 million), AANZFTA (RM365 million) and AIFTA (RM252 million). The overall export...

Malaysia felt the impact of the global financial crisis, but through sound policy and hard work began to emerge from the crisis at the end of 2009 The world economy in 2009 underwent a major financial crisis. While the U.S., Europe and Japan were hardest hit, Malaysia did not escape economic contraction, but it was among the first countries to show signs of recovery due to the Government’s timely stimulus measures and sound fiscal policy.  The U.S. experienced a 2.4% contraction in real GDP, Europe’s economy shrunk by 4.1% and Japan saw a 5.2% contraction.  World total merchandise trade was down 23% in 2009, and total commercial services trade declines by 14%.  ASEAN saw slower GDP growth of 1.3% in 2009, compared with 4.4% growth in 2008. Malaysia’s economy shrunk in the first three quarters of 2009, but grew by 4.4% in the last three months of the year. Malaysia’s trading volume fell in 2009, in line with the global slowdown, but experienced much smaller...

Asean Economic Community (AEC) will be established in January 2015. The establishment of the AEC will enable the 10 ASEAN member countries to work hand-in-hand in making the region a dynamic business destination. To date, 3 key agreements have been implemented to enhance free flow of goods, services and investment. ASEAN countries are working on opening up the services sector and remove barriers to allow for free flow of trade in services within the region. The article by the Secretary General of MITI, Y.Bhg. Tan Sri Abdul Rahman Mamat, sheds light on Realising ASEAN vision via AEC.

Highlights of the MITI Weekly Bulletin, Vol. 118 include: APEC Leaders See Progress in Achieving Bogor Goals Asia-Pacific Economic Cooperation (APEC) had undertaken an assessment on the realisation of its 2010 Bogor Goals’ target of free and open trade and investment in the Asia Pacific for specifically its industrialised member economies. Outcomes of the assessment were tabled at the APEC Economic Leaders’ Meeting (AELM) in Yokohama, Japan, 13-14 November 2010. The assessment indicated that… Malaysia-Chile Free Trade Agreement The Malaysia-Chile Free Trade Agreement (MCFTA) was signed on 13 November 2010 in Yokohama, Japan. Chile will undertake full elimination of import duties for 6,900 tariff lines (90.2% of total tariff lines) from the date of entry into force of the Agreement. The Malaysian business community is encouraged to take full advantage of the opportunities offered under this FTA. The 1-Innocert Programme: 1-Innovation Certification for Enterprise...

The 43rd ASEAN Economic Ministers (AEM) Meeting was officially declared open by H.E. Professor Dr. Boediono, Vice President of the Republic of Indonesia in Manado in Northern Sulawesi, Indonesia.Following the opening ceremony, H.E Dr.Mari Elka Pangestu, Minister of Trade Indonesia chaired the 25th ASEAN Free Trade Area (AEM-AFTA) Council Meeting, the first of the series of meetings that will be held over the next three days. The focus of the discussions by Ministers at the AFTA Council Meeting was on initiatives aimed at further facilitating trade within the region. The initiatives discussed include elimination of non-tariff barriers that impede trade, simplification of rules and procedures of doing business and enhancing use of ICT in customs clearance of goods within the region. Y.B. Dato’ Sri Mustapa Mohamed, Minister of International Trade and Industry represented Malaysia at the 25th AEM-AFTA Council Meeting. The Ministers agreed that there is a need to institute an...