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New trade Act in force next year

MALAYSIA will implement the Strategic Trade Act (STA) 2010 on July 11 next year to boost foreign investors’ confidence and help prevent terrorist activities in the country.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the Act, which was gazetted in June this year, will provide control over export transhipment, transit and brokering of strategic items.  These include arms and related materials as well as activities that will, or may, facilitate the design, development and production of weapons of mass destruction.

“Starting this month, all exporters and brokers dealing with strategic items need to register with the ministry through an online system.

“We expect about 5,000 companies to be involved, and about 30 per cent of the country’s total exports will be involved, in the Act’s implementation,” Mustapa told reporters yesterday at the ministry’s headquarters in Kuala Lumpur.

To Support the move, eight multinational companies – Intel, Panasonic, Infineon, Texas Instruments, DHL, Motorola, Ericsson and Dallab Crytography – have agreed to be among the first to register.

Malaysia is the second country in Asean, after Singapore, to implement the regulation.

The STA is in line with the United Nations Security Council Resolution 1540, which requests all member states to establish comprehensive legal and regulatory measures to control the exports of strategic items and technologies.

Mustapa said the Act will be fully enforced in July next year, and it will see about 1,569 products fall under its implementation.

“The introduction of STA will increase the confidence of investors and trading partners to enhance trade and investment relations with Malaysia,” he said.

Article taken from the New Straits Time dated 13 October 2010

Last Updated 2015-07-21 09:45:48 by vox vox

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