Excerpts from YB Minister’s speech during MITI Dialogue 2009 MITI continues to negotiate FTAs to open markets for businesses. Malaysia has signed and implemented bilateral FTAs with Japan and Pakistan and recently concluded negotiations with New Zealand. Malaysia is also a party to five regional FTAs namely ASEAN-China, ASEAN-Korea, ASEAN-Japan, ASEAN-Australia-New Zealand and ASEAN-India. Currently, Malaysia is negotiating bilateral FTAs with the US, India, Chile and Australia, and the regional ASEAN-EU FTA. Malaysian companies should capitalise on the regional and bilateral FTAs to gain an edge over their competitors, particularly under these trying times. It should be worth noting that the number of certificates of origin issued by MITI to our exporters, under the preferential schemes of the five regional ASEAN FTAs and the ASEAN CEPT increased 13.0 per cent to 222,476 in 2008. The number of companies exporting under the various FTAs has also increased from 4,160 in 2007 to...

Exports continued to expand in July 2009, increasing RM3.8 billion or 8.4% from June 2009. Imports increased by 14.2% to RM41.1 billion from the month before. Total trade increased month-on-month by RM8.9 billion or 11% from June 2009. Malaysia also recorded a trade surplus of RM7.8 billion making July 2009 the 141 consecutive month of trade surplus since November 1997. Year-on-year comparison for the period January to July 2009 showed a marked contraction in total trade, exports and imports. In the first seven months, total trade fell by 23.9% from the corresponding period of 2008. Exports declined by 23.3% to RM299.4 billion while imports shrank 24.7% to RM232.3 billion. Five export destinations namely Singapore, China. USA, Japan, Thailand collectively contributed 51.7% of Malaysia’s total exports in July 2009. Singapore remained the top export market while China overtook both the USA and Japan to become Malaysia’s second largest export destination since March...

Chile underwent its Fourth Trade Policy Review (TPR) on 7 and 9 October 2009. The last review was in 2003. The TPR is part of the transparency process in the WTO to evaluate trade policies and practices of Members. The Chilean economy grew at an annual average rate of 4.8% between 2003 and 2008 due to strong domestic demand and export growth. Despite the international crisis, Chile’s per capita GDP reached US$10,087 in 2008 (2003: US$4,746), one of the highest in Latin America. Chile maintains an open, transparent and predictable trade regime. Chile’s average applied MFN tariff is 6% while its entire tariff schedule is bound at an average of 25%, except for some agricultural products which are bound at 31.5%. Chile has a price-band system* for imports of wheat, flour sugar and vegetable oil. In response to questions raised on its price-band system, Chile indicated that it is considering replacing the system with fixed specific tariff. In 2008, Chile’s merchandise exports...

 

MITI, Google Southeast Asia, Multimedia University (MMU) and University Tunku Abdul Rahman (UTAR) are partnering to offer an online SME Business Stimulus Package to SMEs. The project, which was launched earlier this month, is in line with MITI’s mission to promote international trade and industrial activities to enhance Malaysia’s economic growth. MITI and SME Corp are supportive of this programme that uses the internet as a new medium of business growth for the SME sector which represents 99% of all businesses in Malaysia. The current economic situation warrants that Malaysian SMEs enhance their capabilities and try new ways to find new customers locally and overseas through the Internet. Google South East Asia said that SMEs should use Google as a sales channel in order to grow their business internationally. The offer expires on Jan 31 next year and businesses can sign up atwww.google.com.my/stimulus. The first one hundred sign ups are eligible to have their website...

Malaysian businesses should capitalise on their competitive edge in the service sectors to tap preferential trade facilities under the China-Asean Free Trade Agreement (CAFTA), said International Trade and Industry Deputy Minister Datuk Mukhriz Mahathir. “I see there is less competition in the services sector as it is totally different from other sectors..it very much depends on quality. “I think Malaysians have certain inherent advantages that we should make full use of,” he told Bernama on the sidelines of the “2010 FOCAFTA” seminar here on Thursday. Mukhriz said there was massive construction going on in many parts of China where Malaysian companies could provide architecture or design services to China. “China can look up to our capablities in this aspect. This is one area we can pursue further,” he said, adding that China was a huge market which also offered business opportunities in several other sectors for Malaysians. Mukhriz said if Malaysian businesses...

The ASEAN-India Free Trade Agreement (AIFTA) came into effect on 1 January 2010 for Malaysia and India. It is a remarkable milestone towards a freer market environment, and an important agreement for Malaysia as India is emerging as an important trading partner as well as a market for Malaysian exports. This FTA creates a market of 1.7 billion people with combined GDP of US$2.8 trillion and combined global trade of over US$2 trillion. Under the AIFTA, ASEAN Member States and India have agreed to progressively reduce and eliminate duties on substantial number of products over a period of 3-8 years beginning 1 January 2010. The Philippines, Cambodia, Lao PDR, Myanmar and Viet Nam are given an additional 2-3 years to reduce and eliminate their duties under this FTA. Dato’ Sri Mustapa Mohamed says that Malaysia is committed to eliminate import duties on 6,792 products or tariff lines by 31December 2013, while duties on another 1,266 tariff lines would be eliminated by 31 December...

YAB PM is making an official visit to the Republic of India from today until 23 January 2010. YB Dato’ Sri Mustapa Mohamed, Minister of MITI, is the accompanying Minister for the visit. The visit will be to two major cities namely New Delhi (19-21 January 2010) and Chennai (21-23 January 2010). During the visit to New Delhi, YAB PM will be meeting with H.E. Smt. Pratibha Devisingh Patil, the President of India and H.E. Shri Mohd. Hamid Anshari, the Vice President of India. YAB PM and delegation will be having a bilateral meeting with his counterpart, Hon. Dr. Manmohan Singh, the Prime Minister of India and both leaders are scheduled to witness the signing of several important G2G Memorandum of Understandings and Agreements. On 20 January 2010, YAB PM will be delivering a Keynote Address at the ‘Malaysia-India Business Forum’ in New Delhi that will be jointly organized by the Indian Associated Chamber of Commerce & Industry, Federation of Indian Chambers of Commerce &...

 

YB Dato’ Sri Mustapa Mohamed arrived in New Delhi on Tuesday to accompany Prime Minister YAB Dato’ Sri Najib Tun Abdul Razak who is on a five-day official visit to India, Asia’s third largest economy. On hand to welcome the Malaysian delegation were various Indian dignitaries, including Minister of State for Railway E. Ahmed and India’s High Commissioner-designate to Malaysia, Vijay Gokhale. The main events in New Delhi will be YAB Prime Minister’s keynote address at the Malaysia-India Business Forum, jointly organised by the Associated Chamber of Commerce, Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry.  

 

Among members of the delegation are Melaka Chief Minister, Datuk Seri Mohd. Ali Rustam, Works Minister, Datuk Shaziman Abu Mansor, Human Resources Minister, Datuk Dr S. Subramaniam. Deputy Minister in Prime Minister’s Department, Datuk SK Devamany.

Having a chat with a Ms Shuhaimi Baba, a renowned Malaysian film director. YB Dato’ Sri Mustapa Mohamed with Dr. Kamal Hassan, who is a leading Indian film actor, script writer, and filmmaker. Dr Kamal Hassan has won several Indian film awards, including National Film Awards, and Filmfare Awards. Meeting Indian businessman Dr. K Anji Reddy, Chairman & Founder of Dr. Reddy’s Laboratories Ltd. Dr. Reddy earlier signed an MoU with Biotech Corp Sdn Bhd. Roundtable meeting with Captains of Indian Industry. Read More