ID :
54951
Sun, 04/12/2009 - 01:18
Auther :
Shortlink :
https://oananews.org//node/54951
The shortlink copeid
M'SIA COMMITTED TO FURTHER LIBERALISING TRADE WITH ASEAN
KUALA LUMPUR, April 11 (Bernama) -- Malaysia is committed to further liberalising trade with Asean countries by lowering import tax on goods and services, according to Ministry of International Trade and Industry (MITI).
To date, 80 percent of Malaysian commitment on Asean tax reduction has
been implemented, while by January 1, 2010, the remaining 20 percent is
scheduled to be realised, a senior MITI official said in her presentation at a
seminar on Enhancing Asean's Cooperation in Facing Financial Crisis, here
Saturday.
The Chinese Chamber of Commerce and Industry Of Kuala Lumpur and Selangor
organised the seminar which was officiated by Deputy Minister of International
Trade and Industry Jacob Dungau Sagan.
Jacob said there are opportunities for expansion in intra Asean trade which
is currently around US$400 billion.
"In time of crisis, it is imperative that no protectionist measures are
adopted so that Asean members can depend on expanding their intra Asean trade
and help in overcoming the crisis," he added.
The minister said Malaysia's total exports to Asean countries by product
sector for 2008 increased by 10.1 percent to RM171.2 billion from RM155.56
billion in 2007.
It is understood that import tax on 2,298 goods will be further reduced by
January 1, 2010. However, import duties on rice, tropical fruits and alcoholic
beverages and tobacco will remain unchanged.
Malaysia's exports especially to United States, Europe and Japan markets
have been on the decline in the last five months. Therefore, the tax lowering
within Asean region is crucial to promote sustainable regional economic growth.
Also present at the event was the chamber president, William Cheng
Heng Jem.
He suggested the use of regional currencies to conduct business instead of
the current international practice using US dollar.
"When we sell goods to China, we must change to US dollar, and then convert
it to Renminbi. We end up bearing, exposing ourselves to the fluctuation risks
of the US dollar," he said.
-- BERNAMA
To date, 80 percent of Malaysian commitment on Asean tax reduction has
been implemented, while by January 1, 2010, the remaining 20 percent is
scheduled to be realised, a senior MITI official said in her presentation at a
seminar on Enhancing Asean's Cooperation in Facing Financial Crisis, here
Saturday.
The Chinese Chamber of Commerce and Industry Of Kuala Lumpur and Selangor
organised the seminar which was officiated by Deputy Minister of International
Trade and Industry Jacob Dungau Sagan.
Jacob said there are opportunities for expansion in intra Asean trade which
is currently around US$400 billion.
"In time of crisis, it is imperative that no protectionist measures are
adopted so that Asean members can depend on expanding their intra Asean trade
and help in overcoming the crisis," he added.
The minister said Malaysia's total exports to Asean countries by product
sector for 2008 increased by 10.1 percent to RM171.2 billion from RM155.56
billion in 2007.
It is understood that import tax on 2,298 goods will be further reduced by
January 1, 2010. However, import duties on rice, tropical fruits and alcoholic
beverages and tobacco will remain unchanged.
Malaysia's exports especially to United States, Europe and Japan markets
have been on the decline in the last five months. Therefore, the tax lowering
within Asean region is crucial to promote sustainable regional economic growth.
Also present at the event was the chamber president, William Cheng
Heng Jem.
He suggested the use of regional currencies to conduct business instead of
the current international practice using US dollar.
"When we sell goods to China, we must change to US dollar, and then convert
it to Renminbi. We end up bearing, exposing ourselves to the fluctuation risks
of the US dollar," he said.
-- BERNAMA
