Malaysia Open to Have FTAs With Latin American Nations - Minister Mustapa

KUALA LUMPUR, Aug 1 (Bernama) -- Malaysia is open to have free-trade agreements (FTAs) with Latin American countries such as Mexico and Peru following positive export growth to both nations, said International Trade and Industry Minister Mustapa Mohamed. He said many Malaysian companies were already operating there. "That is certainly an option that we are looking at as we are pro-FTAs and we have one with Chile which is doing well. “We are open to having bilateral pacts with those countries which we do not have FTAs yet,” he told reporters after officiating Latin America Business Day 2017 here Tuesday. Malaysia's exports to Latin America in 2016 grew 10.2 per cent to RM15.3 billion from the previous year, he said, adding that exports to the region accounted for two per cent of the country’s total exports in 2016 compared with 1.8 per cent previously. Mustapa said Mexico, Brazil, Argentina, Chile and Peru remained as Malaysia's top five export destinations in Latin America. Meanwhile, he said Malaysia's trade with the region could chalk up to US$10 billion after recording US$5.4 billion for the first five months of 2017. The inaugural Latin America Business Day was jointly organised by the Malaysian External Trade Development Corporation, Malaysian Investment Development Authority and 10 Latin American embassies in Malaysia. -- BERNAMA