x
Malaysia tends to import more textile products from India in the next year as ASEAN –India Free Trade Agreement aiming at reducing and removing tariffs will be signed at the end of this year.

Deputy Minister of International Ministry of Trade and Industry of Malaysia, Ng Lip Yong, reveals 90% of tax articles will be reduced or removed in the roadmap of conducting ASEAN- India Free Trade Agreement.

After the first five months of this year, trade between Malaysia and India has got a record of 3.3 billion US dollars which equals to half of the total trade of 2006.

Malaysia’s core export articles to India are petroleum, electric and electronic equipments whilst its main import articles are chemicals, meat, and steel products.

Textile trade between the two countries is still very small. Thus, Mr. Ng Lip Yong hopes the figure will be bigger when tariffs are reduced or removed completely. He also reveals that in the first 6 months of this year, Malaysia’s textile exporting to India reaches 14.11 million US dollars, reducing 61.9% year on year from 37.07 million US dollars. In the mean while, its import gains USD 26.79, increases 9.3%.