Mah: Malaysia is intensifying talks on FTA
Daily Express, Malaysia
2 September 2004
Mah: Malaysia is intensifying talks on FTA
Kuala Lumpur: Malaysia is raising efforts in negotiating for free trade agreements (FTA) with some of its major trading partners, said Deputy Minister of International Trade and Industry Datuk Mah Siew Keong Wednesday.
“We are intensifying efforts in FTA talks with all our major trading countries,” he told a press conference after delivering a keynote address at the 25th Majeca-Jameca joint annual conference here today.
Malaysia-Japan Economic Association (Majeca) - Japan-Malaysia Economic Association (Jameca) is a business forum for the business communities of the two countries.
Mah explained that the talks covered both the multilateral FTA under Asean and bilateral FTA with each of these contries.
“Although the original date was 2020, we hope that by 2010 virtually most of all the import duties will be abolished. In effect it will be a free trade area,” he said.
Mah said that the FTA discussions with its trade partners, like Japan, China and India, was part of Malaysia’s move to further strengthen its bilateral trade and economic relations with these countries.
Asked on the latest development on the FTA negotiation with Japan, he said: “Right now our negotation with Japan is on-going and there are still some steps to be taken. I can’t give you the actual timeframe.”
Earlier in his speech, Mah said that Malaysia-Japan trade and investment relations is poised for higher level once the bilateral FTA is concluded.
“The agreement, which include liberalisation and cooperation for trade in goods, services and investment, would create new trade and investment opportunities for the benefit of the Japanese and Malaysian business community.
“It would also provide the Japanese investors the opportunity to further diversify their existing investments and invest in new areas of economic interest,” he added.
Mah also called on Japanese investors to invest in Malaysia’s biotechnology sector to complement the government’s efforts in making the country a biotechnology hub for the Asia Pacific region.
Areas that could be attractive to Japanese companies include food and agro biotechnology, bio-pharmaceuticals (antibodies and vaccines), nutraceuticals, bio-diagnostics and industrial enzymes.
Japan is still Malaysia’s important trading partner, ranking third largest in 2003. Malaysia’s total trade with Japan stood at RM97 billion last year.
In the first six months of this year, Japanese investment in Malaysia amounted to RM457 million. For the 12 months of 2003, Japanese investment in the country stood at RM1.296 billion.
“We hope that the investment amount for the full year of 2004 will be higher than last year and will continue to grow in the coming years,” Mah said. - Bernama
