Malaysia likely to liberalise services
sub-sectors early next year
KUALA
LUMPUR: The Government is working on further liberalising the services sector
sub-sectors and this is expected to be implemented early next year, said
Minister of International Trade and Industry Datuk Seri Mustapa Mohamed.
“Malaysia and the other Asean countries would
be further liberalising the services sector under the ninth Package of
Commitments involving 24 sub-sectors,” he said after launching the Asean
Comprehensive Investment Agreement (ACIA) Guidebook for Businesses and ACIA
Handbook for Investment Promotion Agenciesyesterday.
Overall, Mustapa said Malaysia's implementation
rate was commendable at 87.7%, with the full implementation of 300 measures out
of 342 measures specified in the Asean Economic Community (AEC) blueprint.
“We have
also completed on schedule the elimination of duties for intra-Asean trade and
liberalised 96 services sub-sectors,” he added.
The 24 sub-sectors to be liberalised broadly
cover transport, logistics, environmental services, healthcare and tourism.
International
Trade and Industry Ministry senior director P. Ravidran explained
that there were 24 services sub-sectors, each to be liberalised under the ninth
and tenth Package of Commitments, respectively.
He said
it was currently work in progress for the liberalisation of these sub-sectors
and it would probably be endorsed by year-end.
Meanwhile, ACIA is an agreement that
encompasses four aspects of investments liberalisation, facilitation,
protection and promotion, with benefits now extended to Asean-based foreign
investors.
Mustapa
said the ACIA's introduction would complete the final piece of the countdown
towards the targeted date of AEC's formation on Dec 31, 2015.
“Malaysia
looks forward to assuming the Chair of Asean in 2015 and witness the historic
moment of the creation of an Asean community (AEC).”
He said the formation of the AEC was not
without challenges. “The AEC requires countries to realign domestic policies
with regional commitments; some of which would require amendments and changes
to existing domestic rules and regulations,” he noted.
Additionally,
Mustapa said Asean countries had been growing steadily, increasing by almost
170% in the past 10 years. Asean gross domestic product growth was at 5.2% in
2012 and has been projected to grow between 5% and 6% annually from 2013 to
2017.
In 2011,
Asean's global trade with the rest of the world reached US$2.4 trillion (RM7.49
trillion), while intra-Asean trade stood at US$598.2bil (RM1.87 trillion).
Source : The Star
Date : 22 March 2013
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