After the recent signing of the Trans-Pacific Partnership Agreement, Malaysia plans to sign next three more free trade agreements (FTAs) this year, according to a trade and industry official.
International Trade and Industry Second Minister Ong Ka Chuan said the three FTAs—with the European Union, with Hong Kong, and on the Regional Comprehensive Economic Partnership (RCEP)—will further enhance Malaysia’s trade and investment volume as well as bolster revenue.
“As an example, since Malaysia and Turkey signed an FTA on Aug 1 last year, the country’s total trade has increased by 54 per cent this year,” Ong told Bernama.
“I would like to stress that the FTA will facilitate two-way trade, and we will enjoy zero tax rates from the country concerned as no import duties will be imposed on nearly 90 per cent of products,” he told local media on February 8.
Ong said the nation’s economic growth will be more positive this year, adding that more FTAs are being planned with other countries to further strengthen Malaysia’s economy and facilitate two-way trade.
Malaysia, together with 11 other countries, signed the TPPA February 4, a milestone that is set to expand markets, reduce tariffs, and promote freer trade among the member nations.
The 11 other countries are New Zealand, Australia, Chile, Mexico, Japan, Peru, Canada, Vietnam, United States, Singapore, and Brunei.
Photo: Sebastien Wiertz
