Malaysia promotes digital trading and market places within Asean

Malaysia is enhancing trade with ASEAN countries amid the US-China trade war given the region's market potentials of 642 million people.

International Trade and Industry minister Darell Leiking said ASEAN economies are increasingly tapping into the convenience of the digital market, set to be worth US$200 billion by 2025 from US$31 billion in 2015.

"My team and I will be going to Indonesia soon to discuss ways to enhance bilateral trade. We are focusing on what we (ASEAN member countries) have, while other nations (such as the US and China) are going through rough times.

“With the talent we have, we must embrace the digital marketplaces to enhance our economy,” Darell said at the opening ceremony of the 'Unlocking the Potential of e-Commerce' seminar in conjunction with the 51st ASEAN Day celebration here today.

He also noted that his team is putting together the ASEAN Agreement on e-Commerce with counterparts of neighbouring countries.

"We should finalise this agreement by the end of this year,” he said, explaining the ASEAN Agreement on e-Commerce seeks trade growth and the narrowing of economic development gaps within member countries via usage of digital technologies.

On another note, answering to a query if online purchases would be subjected to the new Sales and Services Tax (SST) that is being table in Parliament, Darell said he was not aware of the matter.

“I have not read that it will (be subject to SST), but if it is, we will address it accordingly. At the moment, the government has not touched on the issue. I am not sure if our other trading partners (within ASEAN) have done the same,” he added.

Darell, who will be in Jakarta from 10th to 12th August 2018, will meet Indonesia's trade minister Enggartiasto Lukita.

"I will also meet CPOPC and see how, we at MITI, can have closer collaboration in promoting free trade in our liaison with the World Trade Organisation (WTO)," he added.

The Council of Palm Oil Producing Countries (CPOPC) is a government-to-government body set up in 2015 to fight barriers to palm oil trade that currently harm palm oil exports worked on by millions of small farmers throughout Indonesia and Malaysia.

Source: New Strait Times