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By Ling Hui
KUCHING, Dec 1: Sarawak’s total external trade has increased by 1.5 fold from RM91.11 billion in 2021 to RM141.2 billion in 2022, for the period of January to August.
Minister for International Trade, Industry and Investment Datuk Amar Awang Tengah Ali Hasan said both export and import also increased by double-digit growth of 61.1 per cent and 38.6 per cent respectively as business activities improve.
“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.
Awang Tengah, who is also Sarawak Deputy Premier, said Malaysia recently implemented the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Nov 29.
He said the CPTPP would further broaden the nation, including Sarawak’s access to new markets such as Canada, Mexico and Peru, that are 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.
“As soon as the CPTPP comes into force for Malaysia, all our exports to Australia and Singapore will 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,” said Awang Tengah in his ministerial winding-up speech at the State Legislative Assembly (DUN) Complex today.
He therefore urged business communities to take advantage of Malaysia’s participation in RCEP and CPTPP to penetrate the new markets. — Dayakdaily