News Room - Business/Economics

Posted on 22 Jun 2009

Malaysia look to resume FTA talks with US, Australia

Malaysia hopes to resume talks on free trade agreements (FTA) with the United States and Australia soon, International Trade and Industry Minister Datuk Mustapa Mohamed said today.

 

Mustapa said a meeting on the FTA has been scheduled with Australia in August this year. “We have touched base with the US authorities and established contacts with Australia as well,” he said at a media briefing after attending the Malaysian International Chamber of Commerce and Industry (MICCI) luncheon here.

 

According to Mustapa, various issues needed to be looked into for the FTA talks with the US. He said that some progress was made with the US on the issues concerned during the recent Cairns Group ministerial meeting in Bali, Indonesia.

 

Mustapa said that Malaysia hoped to sign an FTA with New Zealand by this year as only a few technical issues needed to be resolved.

 

“Malaysia will continue to pursue FTAs, both regionally together with Asean partners and bilaterally,” he said.

 

With all these efforts, Malaysia aimed to project itself as an attractive investment destination regionally and globally, he added. Mustapa also said that this year is expected to be a tough one for small and medium enterprises (SMEs).

 

Last year, a total of 859 SMEs became suppliers to multinationals, government-linked companies (GLCs) and large companies, generating cumulative sales totalling RM893.79 million, he said.

 

“This year we will be lucky if we can achieve higher sales,” he added.

 

At the MICCI luncheon today, newly-elected president Irene Dorner said the MICCI SME mentoring programme was underway with an initial eight multinational companies participating.

 

“For 2009, our objective is to expand and have not less than 20 multinational companies offering SME mentoring under this programme within 12 months,” she said.

 

MICCI announced the appointment of Dorner, who is deputy chairman and chief executive officer of HSBC Bank Malaysia Bhd, as president following its 36th annual general meeting, which was also held today.

 

Other appointments included Southern Steel Bhd’s advisor and group financial controller Knut Herzer, Nestle Malaysia Bhd’s managing director Sullivan O’ Carroll and Guinness Anchor Bhd’s managing director Charles Ireland as the three vice-presidents.

 

Founded in 1837, the MICCI is the oldest private sector business organisation in Malaysia. It is represented on more than 70 private and public sector committees and consultaive panels, both at federal and state levels.

 

MICCI has a membership of nearly 1,000 international and local companies.