‘Malaysia to continue to champion tariff issues’

KUALA LUMPUR: Malaysia will continue to champion longstanding issues related to nontariff barriers (NTBs) and nontariff measures (NTMs) — a bane to the regional economic integration process of the 10 Asean nations.

The International Trade and Industry Ministry said Malaysia would continue to play an active role to resolve the issues.

To date, 54 cases have been resolved from 74 NTB and NTM complaints.

Thanks to the Asean Solutions for Investments, Services and Trade, an Internet-based and business-friendly facility, enterprises are able to lodge complaints on any distortions.

A wide range of areas related to the broadening and deepening of economic integration within the region were deliberated at the 49th Asean Economic Ministers’ Meeting (AEM) and Related Meetings in Pasay City, Manila, from last Thursday to yesterday.

Among them were a review of Asean’s overall economic performance, annual priorities under the Asean Economic Community Blueprint 2025, NTMs, regional integration, connectivity and technical assistance.

“With a target to double the intra-Asean trade by 2025, the Asean Single Window has been implemented while an Aseanwide self-certification scheme will be in place next year,” said the ministry in a statement.

Through trade facilitation efforts, Asean trade ministers are targeting a 10 per cent reduction in transaction costs by 2020.

On the rising trends of protectionism and global policy uncertainties, the ministers reaffirmed Asean’s commitment to open regionalism and the AEC 2025 agenda.

As part of the Asean integration agenda, the ministers held consultations with their counterpart dialogue partners, namely Canada, South Korea, Hong Kong, the United States, Japan, China, India, Australia and New Zealand.

They praised the conclusion of the Asean-Hong Kong free-trade agreement (FTA) and AseanHong Kong investment agreement.

“For Malaysia, Hong Kong was the ninth-largest trading partner last year with total merchandise trade of US$12.1 billion (RM50.5 billion) or 3.4 per cent of Malaysia’s total trade.”

Total approved investments from Hong Kong into Malaysia last year amounted to US$59 million.

Exploratory discussions are under way to examine a potential Asean-Canada FTA next.

Meanwhile, trade between Asean and India remained modest despite the trade in goods agreement inked in 2010.

“Malaysia stressed that while the governments make efforts to open market and facilitate trade through the Asean-India FTA, private sectors should take the opportunities created to boost trade.”

On the progress of the Regional Comprehensive Economic Partnership, the ministers reiterated the need for urgent political order to achieve significant outcomes by year-end. Rupa Damodaran