Malaysia eyes new FTA partners
Bernama | June 21, 2010
Malaysia Eyes New FTA Partners
KUALA LUMPUR, June 21 (Bernama) — The government will expand investment and trade opportunities by signing new free trade agreements (FTAs), particularly with nations in West Asia and other emerging markets.
"These efforts will be undertaken to expand market access and boost business opportunities for exporters and businesses. The government will also undertake efforts to conclude the on-going FTA talks at the bilateral and regional levels," says the Ministry of International Trade and Industry (MITI) in the 2009 International Trade and Industry Report released here on Monday.
MITI said talks between Malaysia and Chile can be reached before end-2010.
"The successful completion of this agreement not only offers potential market access opportunities in the area of trade in goods, but also in services including construction, finance and banking," it says.
Meanwhile, MITI says talks on Malaysia-Australia FTA, which started in May 2005, resumed in 2009 after a hiatus of two years pending conclusion of the negotiations on the regional Asean-Australia-New Zealand FTA.
"Three rounds of negotiations were held until April 2010," it says.
On Malaysia-India Comprehensive Economic Cooperation Agreement, it says the talks had slowed down in 2009 as both parties wanted to focus on concluding the Asean-India FTA (AIFTA), which was signed in August 2009.
"With the conclusion of AIFTA, both parties are now focused on concluding talks on the Malaysia-India bilateral agreement," it says.
MITI says talks on Malaysia-US FTA, which commenced in June 2006, were put on hold in 2009 pending a review by the new US administration of its overall trade policy.
"The US subsequently has indicated that it is more inclined towards a regional rather than a bilateral FTA.
"During the Asia-Pacific Economic Cooperation meeting in November 2009, it has announced intention to participate in the Trans-Pacific Strategic Economic Partnership and this development was confirmed in December 2009," it says.
In 2009, it says, the government has successfully concluded bilateral FTA talks with New Zealand and regional FTAs (ASEAN) with India as well as Australia and New Zealand.
