M’sia-US FTA provides greater impetus, says Standard Chartered chief
Bernama, Malaysia
M’sia-US FTA Provides Greater Impetus, Says Standard Chartered Chief
9 March 2006
KUALA LUMPUR, March 9 (Bernama) — Completion of the Malaysia-U.S Free Trade Agreement (FTA) would be highly positive, providing greater impetus to the rate of economic and financial activity in Malaysia, a banker said Thursday.
"A satisfactory conclusion of the FTA would lead to reduction in tariffs that would make Malaysian exports more competitive and help Malaysian exporters gain greater market access," Standard Chartered Bank Malaysia Bhd chief executive officer, Shayne Nelson said.
He said this would have a compounded effect in enhancing export oriented manufacturing and related services activities, including the requirement for financial products and services.
"Overall, this is an exciting development for banks like Standard Chartered," he said in a statement here today.
Nelson said: "We are the right partner to assist and facilitate companies and exporters in Malaysia play a strategic, effective role in this significant development."
Malaysia is U.S 10th largest trading partner and its largest trading partner in Southeast Asia.
Bilateral trade between U.S and Malaysia is estimated at US$43 billion, with a US$13 billion surplus to Malaysia. (US$1=RM3.73)
