Malaysia to sign three more FTAs this year, says Ong


Modified 10 Feb 2016, 11:54 pm

Malaysia will sign three more Free Trade Agreements (FTAs) this year, said International Trade and Industry Second Minister Ong Ka Chuan.

He said the 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.

"As an example, since Malaysia and Turkey signed an FTA on Aug 1 last year, the country's total trade has increased by 54 percent this year.

"I would like to stress that the FTAs 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 percent of products," he told reporters after holding an open house at his residence in Gunung Rapat today.

Ong said the nation's economic growth will be more positive this year, adding more FTAs are planned with other countries to further strengthen Malaysia's economy and facilitate two-way trade.

- Bernama

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