World Economy

WTO Commends Malaysia’s Economic Achievement

Malaysia has shown willingness to move towards  a market-oriented mechanism.Malaysia has shown willingness to move towards  a market-oriented mechanism.

Forty-three World Trade Organization members who participated in a question and answer session at the recent two-day 7th Trade Policy Review of Malaysia, in Switzerland, commended the country for its impressive economic achievement, 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, Bernama reported.

The Ministry of International Trade and Industry in a statement here Saturday, said the four-yearly exercise on Feb 14-16 saw the participation of an inter-ministerial team led by its secretary general,  J. Jayasiri.

The TPR is an exercise mandated by the WTO Agreement to ensure transparency of trade policies and measures. 

Malaysia’s 7th TPR was undertaken for the review period of 2014 to 2017 and chaired by ambassador Juan Carlos Gonzalez, Colombia’s permanent representative to the WTO. Peru’s Permanent Representative to the WTO served as the discussant.

According to MITI, the members also recognized that Malaysia’s successful diversification of its economy and economic reforms had contributed to continued growth despite external challenges.

“The bold move to rationalize subsidies on fuel and sugar among others, indicates Malaysia’s willingness to move towards a market-oriented mechanism. “Business friendly initiatives such as an improvement to the Companies Act, was also welcomed, as it led to a reduction in the cost of doing business,” said MITI.

Malaysia shared with the WTO members the economic development and reforms that had taken place throughout the period under review. The participation of 43 WTO members in the question and answer process was a record number for Malaysia, from the first TPR in 1993.

While members noted the commendable efforts by Malaysia, MITI said improvements were also suggested on an array of issues, such as the need for compliance with the Customs Valuation Agreement, timely notification of the country’s various agricultural support programs, as well as the import licensing regime.

These improvements would ensure transparency, while being in line with Malaysia’s commitments in the WTO, it added.

Also, in line with efforts at addressing emerging issues at the WTO, Malaysia expressed willingness to exchange views and share experiences on the micro, small and medium enterprises and e-commerce.

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