Malaysian entrepreneurs have been asked to seize the business opportunities under the Malaysia-Chile Free Trade Agreement, which comes into force on Saturday.
The tariff elimination will take effect on Jan 1 every year until 2016.
The International Trade and Industry Ministry said the agreement, signed on Nov 13, 2010, would progressively reduce or abolish tariffs on the agreed list of industrial and agricultural products.
"The FTA will benefit Malaysian exporters as Chile will waive import duties on 6,960 tariff lines (90.2 per cent total tariff lines) from Saturday," the ministry said in a statement today.
It said products of export interest offered to Malaysia include electrical and electronic products, vulcanised rubber thread and cord, surgical gloves, vegetable fats, cocoa butter, fats and oil, furniture and aircraft parts.
"The FTA creates an attractive operating environment for entrepreneurs of both countries to strengthen their bilateral trade and economic linkages on a long-term basis," it said.
Last year, bilateral trade between Malaysia and Chile grew by 16.8 per cent to RM1.177 billion from RM1.008 billion in 2010, with exports to Chile totalling RM377.48 million and imports amounted to RM800.35 million. -- BERNAMA
No comments:
Post a Comment