Malaysia to sign three Free Trade Agreements in 2017
Local businesses interested in discussing international trade opportunities after Malaysia’s plan.
International trade is vital for any country, but it should never come at the cost of turning a blind eye to human rights violations, no?
Malaysia’s government has said that three FTAs — with the European Union, Hong Kong and the Regional Comprehensive Economic Partnership (RCEP) — will further enhance Malaysia’s trade and investment volume as well as revenue.
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For example, Malaysia total trade has increased by 54 per cent this year with Turkey since signed an FTA on August 1 last year
“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,” told the Malysia’s minister.
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Regional Comprehensive Economic Partnership (RCEP)
RCEP negotiations were formally launched in November 2012
RCEP is a proposed free trade agreement (FTA) between the ten member states of ASEAN, Brunei, Myanmar, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, Vietnam, and the six states with which ASEAN has existing FTAs : (Australia, China, India, Japan, South Korea and New Zealand).
RCEP is viewed as an alternative to the TPP trade agreement, which includes the United States but excludes China.
The Trans-Pacific Partnership (TPP) is a trade agreement among twelve Pacific Rim countries signed on 4 February 2016 after 7 years of negotiations, which has not entered into force.
Historically, the TPP is an expansion of the Trans-Pacific Strategic Economic Partnership Agreement (TPSEP or P4), which was signed by Brunei, Chile, New Zealand, and Singapore in 2005.
Beginning in 2008, additional countries joined :Australia, Canada, Japan, Malaysia, Mexico, Peru, the United States, and Vietnam, to twelve.
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EU Relations with Malaysia
The legal basis for EU-Malaysia co-operation is the 1980 EC-ASEAN agreement which has made it possible for Malaysia to benefit from a number of ASEAN and Asia-wide cooperation programmes, RTD Framework programme, and various thematic programmes.
The EU Delegation to Malaysia was opened in 2003.
Malaysia is the EU’s second most important trading partner in ASEAN, after Singapore. under the new Generalised System of Preferences (GSP), in force since January 2006, the share of Malaysia’s merchandise exports to the EU eligible for preferential treatment rose from 16% to 81%. Over 70% of Malaysia’s exports to the EU now enter duty-free. Malaysia records a trade surplus with most EU Member States.
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Hong Kong–Malaysia relations
Under the "One Country, Two Systems" law, the People's Republic of China is responsible for diplomatic and defence affairs of Hong Kong. However, Hong Kong enjoys significant autonomy in economic, trade, financial and monetary matters.
In 2010, Malaysia became the 10th largest trading partner for Hong Kong with the total trade increased from HK$87.2 billion in 2009 to HK$110.5 billion.
Malaysia also became one of the 18th largest investors into Hong Kong in 2009,
In 2010, Hong Kong became the third largest foreign direct investment (FDI) in Malaysia
There are 7 regional headquarters, 19 regional offices and 33 local offices which been set up by the Malaysian companies in Hong Kong.
An agreement on double tax avoidance and prevention of fiscal evasion was signed in 2012.
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In May 2003 the EU-Malaysia Chamber of Commerce and Industry (EUMCCI) emerged from the former European Union Business Council (EUBC).
The Malaysian Chamber of Commerce Hong Kong and Macau.
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