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  jata  Malaysia's Free Trade Agreements

FMM Declares Full Support For The TPP

 26 June 2013

FMM is fully supportive of the Trans-Pacific Partnership (TPP) free trade agreement, said the Federation of Malaysian Manufacturers (FMM) President, Yong Poh Kon.

“Competitiveness and competition are important. Free trade agreements (FTA) are important towards increasing competitiveness and enhancing trade activities,” Yong explained in a press conference today.

“The successful conclusion of all the various FTAs will form a huge market, with a combined gross domestic product (GDP) of US$27.5 trillion (RM87 trillion). This far surpasses the limited domestic market of 29.5 million people and a GDP of US$300 billion in Malaysia.”

“Malaysian manufacturers can go on the offensive and take advantage of international markets. Consultations with our members have revealed they want open markets and better trade facilitation methods,” added Yong.

Manufacturers of goods that currently attract high import duties going into the US will be the main beneficiaries of the TPP. These include manufacturers of footwear, textiles and ceramic tableware.

To date, Malaysia has implemented six bilateral FTAs, and together with Asean, five regional FTAs. Aside from the TPP, Malaysia is currently in bilateral negotiations with Turkey, the European Union and the European Free Trade Area.

For Yong, the benefits of the TPP to international trade and in particular, Malaysian manufacturers far outweigh the challenges of open competition.

“62% of our global trade is already conducted with our FTA partners,” said Yong, dispelling rumours that Malaysia is not prepared to face the brunt of open competition and open markets.

According to Yong, Malaysian companies that export to the US and Canada are increasingly interested to see TPP negotiations concluded, especially since the graduation of Malaysia from the list of countries that enjoy duty-free access to the European Union. From January 2014, Malaysia will cease to enjoy benefits under the EU’s General System of Preferences (GSP).

Source : http://www.kinibiz.com/story/corporate/31928/fmm-growing-optimism-among-manufacturers.html


Last Updated 2015-07-21 17:20:07 by vox vox

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