ID :
191781
Wed, 06/29/2011 - 13:07
Auther :
Shortlink :
https://oananews.org//node/191781
The shortlink copeid
MALAYSIA-INDIA FTA TO BOOST BILATERAL TRADE TO RM46 BLN BY 2015
KUALA LUMPUR, June 29 (Bernama) -- Trade volume between Malaysia and India
is expected to hit RM46 billion (US$15 billion) by 2015 with the implementation
of a bilateral free trade agreement (FTA) which comes into effect on Friday.
Under the Malaysia-India Comprehensive Economic Cooperation Agreement
(MICECA), the two countries will progressively reduce or eliminate tariffs on an
agreed list of industrial and agricultural products between July 1, 2011 and Dec
31, 2019.
In a statement Wednesday, the Ministry of International Trade and Industry
(MITI) said Malaysian exporters would enjoy free duty market access for rubber
products, chemical products and electrical equipment.
Imports from India into Malaysia will enjoy zero or lower duties for live
animals and meat, textile materials and manufactures of metal.
MICECA is Malaysia's fourth bilateral FTA after Japan, Pakistan and New
Zealand.
"The benefits provided by MICECA are in addition to those already made
available under the Asean-India Trade in Goods Agreement (AITIG) which was
implemented on Jan 1, 2010," said MITI.
It said for trade in services, MICECA offered opportunities for
professionals from both countries to extend their services to each other's
market.
"MICECA also facilitates the temporary entry of business people such as
contractual service suppliers, independent professionals and business visitors,
including potential investors," said MITI.
The ministry said MICECA created an attractive operating environment for the
business communities of both countries to increase bilateral trade and
investment.
"The Malaysian business community is encouraged to take full advantage of
the opportunities offered under this agreement," it said.
MITI said trade between Malaysia and India had been on an upward trend and
totalled RM30 billion (US$9 billion) in 2010, and amounted to RM12.1 billion
(US$3.98 billion) from January to April this year.
Noting that MICECA would facilitate cross-border investments, MITI said
investment by Malaysian companies in India totalled about RM1,059 million
(US$310 million) to date. Of this, RM209 million (US$65 million) was invested in
2010.
Major areas of investment include construction, financing, insurance, real
estate and business services.
-- BERNAMA
is expected to hit RM46 billion (US$15 billion) by 2015 with the implementation
of a bilateral free trade agreement (FTA) which comes into effect on Friday.
Under the Malaysia-India Comprehensive Economic Cooperation Agreement
(MICECA), the two countries will progressively reduce or eliminate tariffs on an
agreed list of industrial and agricultural products between July 1, 2011 and Dec
31, 2019.
In a statement Wednesday, the Ministry of International Trade and Industry
(MITI) said Malaysian exporters would enjoy free duty market access for rubber
products, chemical products and electrical equipment.
Imports from India into Malaysia will enjoy zero or lower duties for live
animals and meat, textile materials and manufactures of metal.
MICECA is Malaysia's fourth bilateral FTA after Japan, Pakistan and New
Zealand.
"The benefits provided by MICECA are in addition to those already made
available under the Asean-India Trade in Goods Agreement (AITIG) which was
implemented on Jan 1, 2010," said MITI.
It said for trade in services, MICECA offered opportunities for
professionals from both countries to extend their services to each other's
market.
"MICECA also facilitates the temporary entry of business people such as
contractual service suppliers, independent professionals and business visitors,
including potential investors," said MITI.
The ministry said MICECA created an attractive operating environment for the
business communities of both countries to increase bilateral trade and
investment.
"The Malaysian business community is encouraged to take full advantage of
the opportunities offered under this agreement," it said.
MITI said trade between Malaysia and India had been on an upward trend and
totalled RM30 billion (US$9 billion) in 2010, and amounted to RM12.1 billion
(US$3.98 billion) from January to April this year.
Noting that MICECA would facilitate cross-border investments, MITI said
investment by Malaysian companies in India totalled about RM1,059 million
(US$310 million) to date. Of this, RM209 million (US$65 million) was invested in
2010.
Major areas of investment include construction, financing, insurance, real
estate and business services.
-- BERNAMA
