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Free Trade
August 25, 2007
List Of Products Under AJCEP finalised

Malaysia and Japan have finalised the list of products for tariff reduction under the Asean-Japan Comprehensive Economic Partnership (AJCEP).

International Trade and Industry Minister Datuk Seri Rafidah Aziz said the list was made with improvements to the bilateral schedules under the Malaysia-Japan Economic Partnership Agreement.

Rafidah, when met after attending the Asean Economic Ministers and the Minister of Economy, Trade and Industry of Japan (AEM-METI) consultation today, said the deliberations at the meeting focused mainly on the finalising the AJCEP.

The AJCEP agreement will be comprehensive, covering trade in goods, services, investments, rules of origin, dispute settlement mechanism, sanitary and phyto-sanitary, technical barriers to trade, and economic cooperation.

The implementation of AJCEP is expected to further boost trade and investment flows between Asean and Japan.

Japan is Asean's major trading partner with trade volume last year amounting to US$163 billion, which represented 11.9 percent of Asean's global trade.

Asean secretary-general Ong Keng Yong, when met after the meeting, said the agreement and its relevant annexes, including the schedules of concessions, were being finalised for signing at the Asean-Japan Summit in November this year.

"Ministers' attitude towards this (agreement) is very positive. We have settled most of it," he said.

Under the agreement, between 90 and 93 percent of goods from Asean will enjoy tariff-free status to enter Japan, Ong said. Bernama reports

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