The Malaysian minister of international trade and industry has said that Malaysia will continue to boost its trade promotional activities to generate growth in the long term. He added that trade promotional activities were vital and will eventually generate the desired results in the end
despite of the current global economic slowdown. He commented that the furniture industry is one of the industries that is showing signs of recovery with an improvement in orders. Although prices remain weak, the Malaysian furniture industry remains competitive and there are reports of the industry hiring workers again.
ASEAN free trade The Minister also pointed out that with effect from January 1, 2010, Malaysia and five other countries in the Association of Southeast Asian Nations (ASEAN) grouping – Brunei, Indonesia, the Philippines, Singapore and Thailand – will be a free trade block that will
eliminate duties on all products within the six countries. Malaysia has indicated it will eliminate duties on more than 2,000 items. China and South Korea are also in the process of deciding duty eliminations on products within the ASEAN-China and ASEAN-South Korea Free Trade Agreement. In addition, the ASEAN-India Free Trade Agreement and the ASEAN-Australia-New Zealand will come into force at the same date in 2010.
