Members welcomed Malaysia`s strong and steady economic growth since the last trade policy review in 2014. Malaysia`s prudent macroeconomic management and the diversified nature of the economy have enabled strong and inclusive growth, despite the challenging global economic environment it has faced. Malaysia`s real GDP has grown over the past four years, with an average annual rate of 5% and nearly 6% in 2017. Members recognized that Malaysia`s domestic policy reform, liberalization of the services sector, increased participation of the private sector and its openness to trade have played a key role in promoting growth. Trade is indeed very important for Malaysia, since its imports and exports of goods and services represent 130% of its GDP. Malaysia`s growing role as an investment objective and as a foreign investor was also recognized. Article 10(4) of the WTO-TFA calls on Member States to “endeavour to establish or maintain a single window for traders to provide participating authorities or agencies with documents and/or data requirements for the import, export or transit of goods through a single entry. After verification of the documents and/or data by the participating authorities or bodies, the results shall be communicated to applicants in good time through the central window. An introductory video provides an overview of the implementation of the single window in accordance with Article 10.4 of the WTO Trade Facilitation Agreement. This orientation was aimed at building the capacity of committee chairs, establishing a network of contacts between the chairs of national trade facilitation committees from different members, and establishing a good working relationship with organizations that will provide technical assistance to their respective national committees. The agreement would ensure a reform of multilateral rules that will benefit members in terms of speeding up and efficient registration of goods, reducing business costs and making international trade more transparent and predictable. The results show that full implementation of the TFA could increase the value of global trade by $344 billion, an increase of 3.5% from the initial value in 2015. Evidence indicates that the implementation of TFA could also foster the development of value chains around the world, particularly in middle-income economies, as it would promote the transfer of industrial goods to intermediate goods.
Members congratulated Malaysia on being the fifth member to ratify the Trade Facilitation Agreement and welcomed Malaysia`s recent notification for Category B of the Agreement. Members welcomed the establishment of the National Single Window, the Malaysian National Trade Repository Portal and other initiatives to facilitate exchanges. On the other hand, MEPs said the introduction of the transaction value method for car imports in their customs valuation would be a positive step towards improving the transparency and openness of Malaysia`s trade regime. Members also drew attention to the increase in the lowest applied rate on average, which is from 5.6% to 7.5% during the period under review, the complexity of the customs system, tariff peaks and the 20% non-aligned tariff. Members appreciated Malaysia`s goal of becoming a halal products hub, but sought clarification on halal certification and procedures. . . .