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Malaysia for early harvest of FTA — China cited as example
Our Bureau
Hyderabad
,
March 1
Malaysia has called for "early harvesting of free trade agreement (FTA)" with India well ahead of completing the formalities for such an arrangement two years later.
It would help in quickly cashing in on the very idea of free trade arrangement, according to Mr Mah Siew Keong, Malaysian Deputy Minister in the Ministry of Agriculture and Agro-based Industry.
He observed the two countries could begin the process by reducing tariffs on some products as the talks for FTA would take more time to fructify.
Mr Keong, who led an official and business delegation to Andhra Pradesh, cited a similar pact his country had with China. "The talks with that country are slated to be completed in 2009. But we have agreed upon some 600 products to implement the free trade idea in 2004," he said.
Addressing a gathering at FAPCCI (Federation of Andhra Pradesh Chambers of Commerce and Industry) here on Wednesday, he said the bilateral trade had gone up to $5 billion in 2005 from $3.2 billion in 2003.
"It is rapid growth," Mr Keong said
Stating that companies from outside could own 100 per cent of equity in their Malaysian bases, he said foreign companies could make his country a gateway for Association of South East Asian Nations free trade area that housed 550 million people.
Earlier, the delegation met the Andhra Pradesh Chief Minister, Dr Y.S. Rajasekhara Reddy, and invited him to visit Malaysia. It also proposed trade and youth exchange programmes.
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