Council meeting to enhance US-Malaysia trade
The Star
Wednesday February 2, 2005
Council meeting to enhance US-Malaysia trade
BY PAUL GABRIEL
THE plan to expand and better manage bilateral trade co-operation between the United States and Malaysia gains ground tomorrow with the first working-level meeting of the joint Trade and Investment Council (TIC) in Kuala Lumpur.
The council was created under the Trade and Investment Framework Agreement (TIFA) signed between International Trade and Industry Minister Datuk Seri Rafidah Aziz and US Trade Representative Robert B. Zoellick in Washington last May.
The main task of the council is to expand and liberalise trade and investment, and address non-tariff barrier issues.
US Ambassador to Malaysia Christopher LaFleur said the meeting was significant as it would signal the start of the long processes under TIFA, which was seen as a precursor towards an eventual US-Malaysia Free Trade Agreement (FTA).
“This will be an important meeting for our economic co-operation.
“The TIC will give us an opportunity to raise what we see as the major challenges ahead for both economies and how we can work together to meet those challenges.
“We look forward to working with Malaysia to achieve this aim,” he told Starbiz in an interview.
The US will be represented at the meeting by it’s assistant trade representative for South-east Asia and the Pacific Barbara Weisel and LaFleur. Malaysia is the 10th largest trading partner of the US, while the US is Malaysia’s largest foreign investor and export market.
LaFleur, who has just begun his posting here, said topping the agenda for the US side at the meeting would be issues such as the protection of intellectual property, expediting liberalisation of Malaysia’s financial services sector, and increasing the transparency of the Malaysian Govern-ment’s economic decision-making process.
“We’re very encouraged to see the authorities working to strengthen the intellectual property protection here but we need to talk to see what we can do further,” he added.
On a possible FTA, the ambassador said it would depend on “how far and how quickly we can move forward” under the series of TIC meetings to create the basis for a stronger long-term relationship.
“There’s a lot of speculation about an FTA. I think both countries need to examine what the benefits would be in that effort and I don’t think we’re quite at that stage yet,” he added.
American Malaysia Chamber of Commerce (Amcham) executive director Dom LaVigne said the chamber had given its feedback to the US Embassy and Miti on the issues it wants addressed at the TIC meeting.
“This is the first meeting but Amcham would like to see a very productive dialogue take place between both sides,” he added.
