OIC Biz Community Must Push For Implementation Of Preferential Trade Arrangements: MITI

KUALA LUMPUR, Oct 20 (Bernama) -- The Organisation of the Islamic Conference (OIC) business community must urge their respective governments to expedite internal procedures for the full implementation of Trade Preferential System among the Member States of the OIC (TPS-OIC) and Developing-8 (D8) Preferential Tariff Agreement (PTA), says the Malaysia's International Trade and Industry Ministry. Deputy Minister Ahmad Maslan said Malaysia is continuing to push for such initiatives considering the business community would become direct beneficiaries of both arrangements. "The objective of the D8 PTA and TPS-OIC is to improve OIC member states' participation and integration in the global economy, while creating new opportunities in trade relations. "In this respect, the private sector's role is crucial, particularly in lending its support and cooperating with the governments to ensure greater economic integration among OIC members," he said in his opening speech at the OIC Asia Trade and Economic Forum 2016 here Thursday. Ahmad said this could potentially increase intra-OIC trade, which currently remains below 20 per cent. He said successful implementation of the TPS-OIC is instrumental in increasing mobility of goods among OIC countries, which would also enable exporters to gain preferential tariff treatment for selected products in the participating countries. Ahmad noted that the TPS-OIC Trade Negotiating Committee would only consider convening its session after at least 10 of the member states, which have ratified the agreements, submit their lists of concessions to the trade negotiating committee secretariat. At the moment, 12 member countries, including Malaysia, have submitted their concession list. "Similarly, Malaysia remains committed to the implementation of the D8 PTA as its members are our important partners. As a group, we provide a unique gateway to different regions around the globe including ASEAN, Europe and West Asia," he said. Malaysia's total trade with OIC in 2015 totalled almost US$35.88 billion (RM150 billion) with major exports comprising petroleum products, palm oil, chemicals and chemical products, electrical and electronics products, and machinery, appliances and parts. Major imports, on the other hand, include petroleum products, crude petroleum, chemicals and chemical products as well as liquefied natural gas. --BERNAMA