Malaysian Mission Promotes International Trade in Asia

Malaysia gears up towards a stronger and unified economic partnership and mutual international trade with Asian countries. The country has made an essential step by sending a delegation to the countries in the said region through the leadership of Malaysian International Trade and Industry Minister Datuk Seri Rafidah Aziz. On July 15-24, Minister Radifah leads the mission to South Korea, Hongkong, and Japan to promote commerce and trade.

In a message, the Ministry of International Trade and Industry (MITI) has conveyed its plan to keep the international community, specifically the business sectors, informed about the present economic status of Malaysia. The plan dwells on an information campaign about the Malaysian investments and trade privileges. Furthermore, the mission aims to promote and offer Malaysian services and goods to the Asian market. It is also the delegation's goal to build cooperative efforts and mutual business enterprises with the Asian industries. Besides that, the Malaysian government wants to strengthen the link of Malaysian businesses with its counterparts in the other countries, particularly Korea, Hongkong, and Japan. These nations are few of Malaysia's largest trading and economic partners.

In the previous year, Korea ranked number six in the list of Malaysia's biggest international trade associates. The total amount of trade has reached RM47.2 billion, a huge increase compared to 2005 figure, which was RM39.5 billion. This 2006 figure consisted of the values of exported and imported products; the cost of goods exported has amounted to RM21.3 billion, and the products imported has reached RM25.9 billion.

In terms of export target market, it was Hongkong that served as the sixth biggest partner of Malaysia in the year 2006. According to MITI, the value of export products has reached RM29.1 billion and the import commodities have amounted to RM12.7 billion. The international trade has gained a total of RM41.8 billion for its economic growth.

With a sum trade of RM115.7 billion, which includes RM52.2 billion exported products and RM63.5 billion imported goods, Japan also plays a significant role in Malaysia's economy. With the recorded figures, Japan is the third biggest international trade associate of Malaysia.

To fulfill its economic and international trade goals, the Malaysian delegate, who is visiting the Asian countries, has prepared an agenda which basically includes the promotion of Malaysian tourism, technologies, vehicles, products and raw materials, and businesses and investments. The team anticipates that their international trade mission will not only benefit its country's economy but the whole economic region as well.

Bush Allies In Congress Call For the Renewal of International Trade Authority

Republican legislators in the House of Representatives will aim to convince their colleagues to approve the renewal of the Bush administration's fast track authority in order to negotiate international trade deals. Under this power, the president can barter trade deals without the need for congressional amendments. In the absence of such authority, international trade agreements are at the mercy of lawmakers.

Democratic leaders in the Congress have blamed international trade deals for the loss of job opportunities in the United States. With the failure of the Doha Round last week, the chances of another trade deal being forged will be improbable. However, Rep. Jim McCrery of Louisiana, who supports the renewal of the fast track authority, believes that trading will benefit American businesses and will help reduce trade deficit.

Since Congress granted fast track authority in 2002, the United States has entered into several international trade deals with Australia, Singapore, Chile, Morocco, the Dominican Republic, Bahrain, Oman as well as several Central American states. The most recent renewal of international trade authority took eight years before it was granted. Rep. McCrery is hoping that his colleagues will not allow a repeat of the same situation.