Malaysia is committed to further liberalising trade with its fellow members of the Association of Southeast Asian Nations (ASEAN) by lowering import taxes on goods and services, local media reported on Apr. 13.
To date, 80 percent of Malaysian commitments on ASEAN tax reductions has been implemented, and by Jan. 1 next year, the remaining 20 percent is scheduled to be realised, said sources of the Ministry of International Trade and Industry (MITI) at a seminar on “Enhancing ASEAN Cooperation in Facing the Financial Crisis” in Kuala Lumpur over the weekend.
There were opportunities for expansion in intra-ASEAN trade which was currently valued at around 400 billion USD a year, MITI Deputy Minister Jacob Dungau Sagan was quoted by the Bernama as saying.
The minister said Malaysia's total exports to ASEAN countries in 2008 increased by 10.1 percent to 171.2 billion Ringgit (roughly 47.3 billion USD) from 155.56 billion Ringgit in 2007.
Import taxes on 2,298 goods will be further reduced by Jan 1 next year. Yet, import duties on rice, tropical fruits and alcoholic beverages and tobacco will remain unchanged.