What are FTAs?
Free Trade Agreements (FTAs) are the arrangements between two or more trading alliances that primarily agree to lessen or dispose of customs tariff and non-tariff barriers on substantial trade between them.
Importance of FTAs
- Competition on a global level: FTAs encourages competition on a global level, increasing efficiency of domestic industries, specialization within countries, availability of cheaper and better-quality products for consumers.
- Elimination of global monopolies: With FTAs, global monopolies are eliminated due to increased competition.
- Enhanced global growth:FTAs help build shared ways to trade and investment and offer support for strong people-to-people and business-to-business links which in turn enhances global growth.
Malaysia’s FTAs
Malaysia has signed 16 FTAs and implemented 15 FTAs (7 bilateral FTAs and 8 regional FTAs). Department of Standards Malaysia has been appointed as a Lead Negotiator for TBT/STRACAP Chapter.
Under this chapter, the negotiating team discussed on preparation, adoption and application of all standards, technical regulations and conformity assessment procedures as defined in Annex 1 of the TBT Agreement, which may affect trade in goods between the Parties, regardless of the origin of those goods.
For any inquiries on TBT/STRACAP, please email to sfp[at]jsm[dot]gov[com]my. Further information on the signed FTAs are available here.