FTAs to improve trade, says Ong Ka Chuan

IPOH: Trade performance is expected to increase this year with the signing of more Free Trade Agreements (FTA) said Datuk Seri Ong Ka Chuan.

The International Trade and Industry minister II said this year was more promising with the signing of the Trans-Pacific Partnership Agreement (TPPA).

He said with the signing of TPPA, the country has signed 14 FTAs in total so far.

"We are hoping for a more positive, optimistic and better improvements in the country's trade.

"There are three more FTAs which are still in negotiations process, including with the European Union and Hong Kong," he told reporters at his Chinese New Year open house near here on Monday.

Ong added that trade for last year grew 1.2% to RM1.466 trillion.

He said despite not having a targeted figure for this year the amount definitely needed to exceed on what was achieved in 2015.

Ong however said that with more FTAs, the grasp and performances of e-commerce needed to be improved on.

"Some 65% of the trade comes into the country via the FTAs," he added.

Ong said it was important therefore to remain united at all times to ensure a stable economy.

He said due to some political turmoil by certain quarters, trade into the country for the first half of last year had decreased.

"However it started to pick up in the second half of last year. Therefore figures speaks louder than words, and trade figures of the country speaks volume," he added.