Financial Daily from THE HINDU group of publications
Tuesday, Sep 28, 2004
Financial Daily from THE HINDU group of publications Tuesday, Sep 28, 2004 |
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Industry & Economy
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Foreign Trade Malaysia in talks with India on FTA Our Bureau
Chennai , Sept. 27 MALAYSIA is leading the on-going negotiations with India on the ASEAN-India Free Trade Area, which is expected to cover trade in goods, services and investment, according to Mr Datuk Merlyn Kasimir, Chief Executive, Matrade (Malaysia External Trade Development Corporation). Mr Datuk Kasimir was speaking at a Malaysia-India Business Opportunities seminar organised by the Confederation of Indian Industry (CII) and Matrade, here on Monday. Chennai is the final leg of a three-city Malaysian Trade and Investment Mission. He said that in order to create an expanded market base, the ASEAN (Association of Southeast Asian Nations) is engaged in strengthening and deepening its cooperation, in the form of free trade agreements (FTAs) with China, Japan and Korea. He said that Malaysia has also signed a Trade and Investment Framework Agreement (TIFA) with the US, which provides a platform to establish an FTA in the future. These developments will broaden opportunities for Indian companies to make Malaysia as a base to manufacture and export their products and services to the regional and global markets. Chennai has always been an important hub of trade between the two countries. In recognition of its importance, the Malaysian Government has established a trade office in Chennai in March this year. Matrade will also be coordinating a Malaysian Pavilion at the Second Chennai International Trade Fair in October. Thirty Malaysian companies will be represented at the pavilion displaying products such as cosmetics, toiletries, confectionery, furniture, home appliances, automotive parts and accessories, building and construction materials. In the first seven months of this year, exports from Malaysia to India grew at 22 per cent valued at $1.7 billion, while imports from India into Malaysia grew by 130 per cent ($8.3 million).
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