ID :
19771
Tue, 09/16/2008 - 19:24
Auther :
Shortlink :
http://m.oananews.org//node/19771
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M'SIA-INDIA FTA TO BENEFIT M'SIAN FURNITURE MANUFACTURERS
KUALA LUMPUR, Sept 16 (Bernama) -- The proposed Malaysia-India free trade agreement (FTA), which has completed two rounds of negotiations, will likely benefit Malaysian furniture manufacturers as its implementation will see some reduction in import duty for Malaysian products into India.
Deputy Minister of International Trade and Industry Datuk Liew Vui Keong
said the FTA would also provide tax break to furniture companies.
"The tax will definitely go down," he told reporters after witnessing a
supply contract signing between Euro Space Industries (M) Sdn Bhd and One
Office, India.
Liew said FTA talks were still in progress.
"We expect to conclude by year-end and the FTA will come into force next
year," he said. Negotiations started in January.
It was reported trade between Malaysia and India under a bilateral
FTA could go up by 1.3 times to US$11.85 billion (US$1=RM3.44) for Malaysia, and
2.5 times to US$4.63 billion for India by 2012.
Earlier, in his speech, International Trade and Industry Minister Muhyiddin
Yassin said trade between Malaysia and India has been on the upward trend,
registering 15.2 per cent double digit growth last year to RM27.3 billion from
RM23.7 billion in 2006.
"Given the heightened level of Malaysia-India engagement, both on the
government-to-government and business-to-business levels, I am optimistic this
healthy trend will continue into the years ahead," said Muhyiddin in his text of
speech read out by Liew.
He pointed out that Malaysia ranked world's ninth largest furniture
exporter
and second in Asia after China.
Furniture exports have been increasing steadily over the past few years,
totalling RM6.2 billion in 2007 from RM5.9 billion in 2006, Muhyiddin said.
Between January and June 2008, exports amounted to RM3.3 billion, he added.
Of the furniture sector, the office sub-sector saw a significant growth in
exports, increasing by 22.1 per cent to RM772.2 million in 2007 from RM632.4
million in 2006.
From January to June, office furniture exports surged by 26 per cent to
RM449.1 million from RM356.56 million in the same corresponding period last
year. (US$1=RM3.44)
Deputy Minister of International Trade and Industry Datuk Liew Vui Keong
said the FTA would also provide tax break to furniture companies.
"The tax will definitely go down," he told reporters after witnessing a
supply contract signing between Euro Space Industries (M) Sdn Bhd and One
Office, India.
Liew said FTA talks were still in progress.
"We expect to conclude by year-end and the FTA will come into force next
year," he said. Negotiations started in January.
It was reported trade between Malaysia and India under a bilateral
FTA could go up by 1.3 times to US$11.85 billion (US$1=RM3.44) for Malaysia, and
2.5 times to US$4.63 billion for India by 2012.
Earlier, in his speech, International Trade and Industry Minister Muhyiddin
Yassin said trade between Malaysia and India has been on the upward trend,
registering 15.2 per cent double digit growth last year to RM27.3 billion from
RM23.7 billion in 2006.
"Given the heightened level of Malaysia-India engagement, both on the
government-to-government and business-to-business levels, I am optimistic this
healthy trend will continue into the years ahead," said Muhyiddin in his text of
speech read out by Liew.
He pointed out that Malaysia ranked world's ninth largest furniture
exporter
and second in Asia after China.
Furniture exports have been increasing steadily over the past few years,
totalling RM6.2 billion in 2007 from RM5.9 billion in 2006, Muhyiddin said.
Between January and June 2008, exports amounted to RM3.3 billion, he added.
Of the furniture sector, the office sub-sector saw a significant growth in
exports, increasing by 22.1 per cent to RM772.2 million in 2007 from RM632.4
million in 2006.
From January to June, office furniture exports surged by 26 per cent to
RM449.1 million from RM356.56 million in the same corresponding period last
year. (US$1=RM3.44)
