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Tuesday, 9 February 2016 | MYT 3:27 PM

Matrade ready to reap benefits of TPPA

KUALA LUMPUR: The Malaysia External Trade Development Corp (Matrade) is ready to reap the benefits of the Trans-Pacific Partnership Agreement (TPPA), especially in markets where Malaysia does not have free trade agreements.

Matrade chief executive officer Datuk Dzulkifli Mahmud said the trade promotion agency has already formulated strategies, including boosting awareness among potential buyers about the country's products and services.

"We are already aggressive but we are going to be more aggressive (under the TPPA). Actually, Malaysia has all the capabilities (to market its goods and services).

"We will intensify our efforts to get more buyers from overseas, particularly from countries like the United States, Canada, and Mexico," he told Bernama in an interview. 

Among the products that would benefit from potential trade under the TPPA are textile, high-end fashion, automotive parts and components, electrical and electronics, nature-based products, and rubber-based products.

Dzulkifli said Matrade would continue its push through various initiatives to prepare exporters, especially small and medium enterprises (SMEs) so that they would be ready and become more competitive for the TPPA markets.

He also said Matrade had been working together with agencies like SME Bank, Export-Import Bank of Malaysia Bhd, SME Corporation Malaysia, and the Bumiputera Agenda Steering Unit in assisting exporters in terms of financial support as well as in mitigating potential risks.

On Feb 4, Malaysia and 11 other countries, namely Australia, Brunei, Canada, Chile, Japan, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam, inked the TPPA which is set to expand markets, reduce tariffs and promote freer trade.

The trade pact accounts for nearly 40% of global gross domestic product worth US$30 trillion (RM125.6 trillion).

Lauding the signing of the TPPA, Dzulkifli said it showed Malaysia's commitment to enlarging its market for the benefit of SMEs, particularly exporters. - Bernama

Tags / Keywords: Corporate News , Economy

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