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Total external trade sees 1.5-fold increase to RM141.2bil

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Deputy Premier Datuk Amar Awang Tengah Ali Hasan. Photo: Ramidi Subari

THE total external trade from January to August 2022 saw a 1.5-fold increase from RM91.1bil in 2021 to RM141.2bil in 2022, says Datuk Amar Awang Tengah Ali Hasan.

The Minister for International Trade and Investment said both export and import increased by double digits at 61.1 per cent and 38.6 per cent respectively.

“Strong commodity prices continue to drive the growth in export, particularly in oil and gas, aluminium, ferro-alloys as well as crude palm oil,” he said when delivering his winding-up speech at the Sarawak Legislative Assembly (DUN) sitting on today (Dec 1).

The Deputy Premier said that in the May 2022 DUN sitting, he reported that Malaysia’s participation in the Regional Comprehensive Economic Partnership (RCEP) would open new markets for Sarawakian exporters.

“Following RCEP, Malaysia had just implemented the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Nov 29, 2022.

“The CPTPP will further broaden Malaysia’s access to new markets such as Canada, Mexico and Peru, not covered by any existing Free Trade Agreements.

“This will provide access to a wider range of high-quality raw materials at competitive prices, and increase the country’s attractiveness as an investment destination.”

Awang Tengah stressed that as soon as the CPTPP comes into force for Malaysia, all exports to Australia and Singapore would readily enter these markets duty-free.

“Subsequently, in 2024 and 2029, all Malaysian products exported to New Zealand and Canada respectively, will enter these countries duty-free.”

Hence, he strongly urged the business communities to take advantage of Malaysia’s participation in RCEP and CPTPP to penetrate new markets.

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