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Malaysia signs bilateral FTA with Pakistan
Source: The Star, November 13, 2007
The Malaysia-Pakistan Closer Economic Partnership (MPCEPA) was signed by International Trade and Industry Minister Datuk Seri Rafidah Aziz and High Commissioner of Pakistan Tahir Mahmood Qazi.
The agreement will come into force Jan 1, a statement from the Ministry of International Trade and Industry said.
Both countries concluded talks in October 2005. They began implementing in January last year an Early Harvest Programme (EHP) for trade in goods comprising Malaysia's offer of tariff cuts on 140 tariff lines and Pakistan's offer of tariff cuts on 124 tariff lines.
This was to accelerate trade benefits ahead of the MPCEPA.
It will also reduce import tariffs over five to seven years on 18% of tariff lines with a value of RM5.95mil in 2006.
In turn,
Pakistan will also reduce import duty on seven palm oil tariff lines by up to 15% Margin of Preference with 10% cut in 2008 and an additional 5% in 2010 involving 48.8% of exports with a value of RM1.3bil in 2006 and 41.3% tariff lines, over five to seven years comprising imports with a value of RM489mil in 2006.
Last year,
Trade from January to September 2007 amounted to RM3.243bil comprising exports of RM3.016bil and imports RM227.3mil. – Bernama