Thailand
Malaysia undergoes seventh trade policy review at WTO
KUALA LUMPUR: Malaysia underwent its seventh Trade Policy Review (TPR) at the World Trade Organisation in Geneva, an exercise mandated by the WTO agreement to ensure transparency of trade policies and measures.
The exercise which took place from Feb 14-16 is done every four years and Malaysia’s TPR was for the period between 2014 and 2017.
The inter-ministerial team was led by International Trade and Industry Ministry (Miti) secretary-general Datuk Seri J. Jayasiri.
The ministries involved were Finance, Agriculture and Agro-based Industries, Primary Industries and Commodities, and Domestic Trade, Cooperatives and Consumerism.
Also involved were agencies such as the Economic Planning Unit, Bank Negara, Customs Department, and the Intellectual Property Corporation of Malaysia (MyIPO).
According to a Miti statement, Malaysia’s TPR session was chaired by Juan Carlos Gonzalez, Colombia’s Permanent Representative to the WTO.
The seventh TPR saw Malaysia receiving 476 written questions from 27 members including Argentina, Brazil, Chile, China, the European Union, Japan, Singapore, Ukraine and the United States.
The questions covered a wide range of subjects including Malaysia’s intellectual property rights and competition policy, foreign investment regime, import licensing procedures, import tariff structure, sanitary and phytosanitary measures, services sector in particular for finance and energy sub-sectors, and e-commerce.
“Malaysia shared with WTO members the economic development and reforms that took place throughout the period under review.
“Forty-three WTO members took part in the question and answer process during the two-day TPR exercise. This is a record number for Malaysia ever since its first TPR in 1993,” said the statement.
It also said members commended Malaysia on its impressive economic achievement, and prudent trade and economic policies.
“Malaysia was also commended for actively pursuing trade openness through unilateral reforms, regional and bilateral trade arrangements, and multilateral rule-making.
“Members recognised that Malaysia’s successful diversification of its economy and economic reforms had contributed to continued growth despite external challenges.
“The bold move to rationalise subsidies on fuel and sugar, among others, indicates Malaysia’s willingness to move towards a market-oriented mechanism.
“Business friendly initiatives such as the improvement of the Companies Act were also welcomed as they lead to the reduction in the cost of doing business.”
Improvements were also suggested on an array of issues such as Malaysia’s compliance with the Customs Valuation Agreement, timely notification of Malaysia’s various agricultural support programmes, as well as the import licensing regime.
These improvements would ensure transparency as well as be in line with Malaysia’s commitments in the WTO.
Jayasiri in his remarks at the TPR reaffirmed Malaysia’s commitment to the multilateral trading system by highlighting the continued efforts of Malaysia in pursuing current issues as well as new areas of interest to the WTO.
Source: https://www.thestar.com.my/news/nation/2018/02/17/malaysia-undergoes-seventh-trade-policy-review-at-wto/#kjwJOx3YomDOsqxI.99