ASEAN MARKET OFFERS IMMENSE OPPORTUNITIES FOR MALAYSIAN BUSINESS COMMUNITY

KOTA KINABALU (Malaysia), June 23 (Bernama) -- The Association of South-East
Asian Nations (Asean) continues to be an important market for Malaysia,
accounting for 25 per cent of its external trade, said Deputy Minister of
International Trade and Industry, Jacob Dungau Sagan.

"With a population of 578 million and a gross domestic product of
US$1.47 trillion (US$1=RM3.51), the Asean market offers immense opportunities
for the Malaysian business community," he said in his keynote address at Sabah
Investment and Trade Dialogue on Manufacturing and Services Sector here Tuesday.

Jacob said significant milestones would be achieved in Asean's internal
integration as well as in lingkages with its dialogue partners next year.

"Among them are elimination of import duties on all except a few
agricultural products by Asean-6 (Brunei, Indonesia, Malaysia, Philippines,
Singapore and Thailand), realisation of the Asean-China and Asean-South Free
Trade Agrements (FTAs) and the implementation of the Asean-India and
Asean-Australia-New Zealand FTAs," he said.

Jacob said the Malaysian business community must also take note of the
bilateral FTAs that had been implemented, namely, Malaysia-Japan and
Malaysia-Pakistan.

"Malaysia had also recently concluded negotiations with New Zealand, and
this FTA is expected to be implemented next January," he said.

He said with the reduction and elimination of tariff and non-tariff
barriers, transparency of investment regimes and liberalisation of the services
sectors, Malaysian businessmen could look forward to increased business
opportunities in the Asean countries as well as with the FTA partners.

Intra-Asean trade currently amounted to US$451 billion, he said.

Jacob said from January to April this year, Malaysia's global trade amounted
to RM285.0 billion.

"Total exports amounted to RM162.5 billion, while total imports were
RM122.5 billion, resulting in a trade surplus of RM40.07 billion for the
country," he said.

He said it was imperative for Malaysian businessmen to diversify their trade
ties to new and emerging economies in order to have a broader trading base.

"This will be a cushion against any adverse effects brought upon by
uncertainties such as the current financial and economic crises.

"It is important for they make further inroads into markets such as China,
India, the Commonwealth of Independent States, South America, Africa and the
Middle East," he said. (US$1=RM3.55)
-- BERNAMA