ID :
150358
Fri, 11/19/2010 - 09:08
Auther :
Shortlink :
https://oananews.org//node/150358
The shortlink copeid
MALAYSIA SIGNS MOU WITH SOUTH KOREA
KUALA LUMPUR, Nov 18 (Bernama) -- Malaysia has signed a memorandum of understanding (MoU) on Governing Mutual Administrative Assistance and Cooperation in Origin Certification and Verification with the Republic of Korea to further facilitate exports of goods under the Asean-Korea Trade in Goods Agreement.
The MoU was signed by the Ministry of International Trade and Industry (MITI) Secretary General, Abdul Rahman Mamat and Korea Customs Service Commissioner Yoon Young-sun in Seoul, last Monday.
In a statement Thursday, MITI said the MoU is to facilitate the verification of origin process and other matters related to the implementation of the preferential trade between the two countries.
It is targeted to strengthen administrative assistance cooperation and information exchange to ensure the effectiveness of the processes.
It would also provide for technical assistance for both parties in the establishment of standardisation and development of the electronic certification of origin.
MITI said the MoU will ensure smooth implementation of the Asean-Korea Free Trade Agreement (FTA) which came into force on January 1 this year.
Malaysia's bilateral trade with South Korea amounted to RM36.75 billion (US$11.71 billion) last year.
During the January to September this year, bilateral trade meanwhile grew by 36.4 per cent to RM38 billion (US$12.11 billion) from RM25.79 billion (US$8.22 billion) in the same period last year.
The increase was attributed to an increase in the export of crude petroleum, palm oil, crude rubber, manufactured products, electrical goods and electronics, chemical and chemical products.
The MoU was signed by the Ministry of International Trade and Industry (MITI) Secretary General, Abdul Rahman Mamat and Korea Customs Service Commissioner Yoon Young-sun in Seoul, last Monday.
In a statement Thursday, MITI said the MoU is to facilitate the verification of origin process and other matters related to the implementation of the preferential trade between the two countries.
It is targeted to strengthen administrative assistance cooperation and information exchange to ensure the effectiveness of the processes.
It would also provide for technical assistance for both parties in the establishment of standardisation and development of the electronic certification of origin.
MITI said the MoU will ensure smooth implementation of the Asean-Korea Free Trade Agreement (FTA) which came into force on January 1 this year.
Malaysia's bilateral trade with South Korea amounted to RM36.75 billion (US$11.71 billion) last year.
During the January to September this year, bilateral trade meanwhile grew by 36.4 per cent to RM38 billion (US$12.11 billion) from RM25.79 billion (US$8.22 billion) in the same period last year.
The increase was attributed to an increase in the export of crude petroleum, palm oil, crude rubber, manufactured products, electrical goods and electronics, chemical and chemical products.
