New mechanism to address disputes with foreign partners
KUALA LUMPUR: Small-scale businesses facing problems with their partners based in countries where Malaysia enjoys free trade will soon get help.
The International Trade and Industry Ministry will be setting up a mechanism to address disputes such as cheating, non performance of contracts and inferior products.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed gave this assurance after hosting a session with foreign missions and business councils here yesterday.
The current mechanism in place is a loose structure which also addresses anti-dumping duties.
The new mechanism will be a step before arbitration.
Foreign government and business representatives urged Malaysia to continue with reforms to enhance its investment climate.
They are seeking reinvestment allowance be extended beyond 15 years, allowing foreign workers to remain in the job market, raise the equity cap for industries outside manufacturing and expedite the release of the National Automotive Policy.
Mustapa said several of the issues raised at last year's session have been addressed by various agencies and bodies like the Immigration and Talent Corp.
On bilateral Free Trade Agreements (FTAs), he said six pacts were concluded and two ongoing ones with the European Union and Turkey.
Malaysia is involved in the ongoing regional FTAs namely the Trans-Pacific Partnership which is now in its 16th round in Singapore and the Regional Comprehensive Economic Partnership Agreement, or RCEP.
Mustapa also shared Miti's priorities in 2013 in trade, industry, services and SME development.