MICCI backs Miti as issuer of certs for US exports
MICCI president Christina Tee.
KUALA LUMPUR: The Malaysian International Chamber of Commerce and Industry (MICCI) supports the government's decision to appoint the Investment, Trade and Industry Ministry (Miti) as the sole issuer of non-preferential certificates of origin (NPCO) for exports to the United States.
Previously, business councils, chambers, or associations appointed by Miti were responsible for issuing NPCOs to the US market.
MICCI president Christina Tee said the chamber is prepared to forgo some of its revenue from the issuance of the certificates in the interest of national economic priorities.
'As MICCI, we are willing to let go of that revenue and support Miti in issuing the NPCOs so that the nation can come out strong during this time,' she said during a media luncheon to celebrate the chamber's 188-year legacy in championing the business community and supporting Malaysia's economic growth.
While NPCOs represented a source of income for the chamber, US-bound exports accounted for about 15% of its certifications.
'We cannot have it both ways. If we want the nation to succeed, we must make sacrifices,' she said.
Tee also highlighted MICCI's stringent NPCO issuance policy, saying the chamber only issues them to members subject to annual reviews.
'If the members are not genuinely manufacturing here, we will not issue the certificate. MICCI has always maintained transparency and strict adherence to guidelines,' she said.
Tee expressed confidence in Miti's experience, pointing to the certificates for countries such as India and Turkiye, which had import tax constraints.
'The concern now is whether the system can handle the significantly high workload,' she said.
Previously, certificates to Turkiye or India could be processed within two weeks.
With the United States now in the picture, the workload has grown, but Tee noted that Miti's team is hardworking and dedicated.
'For sea shipments, there is usually a two-week window between loading and arrival, which gives sufficient time for the certificate of origin to be processed and sent.
'The certificate can be emailed later, allowing the process to run parallel with shipment preparations. This can help avoid delays,' she added. — Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malaysiakini
an hour ago
- Malaysiakini
Asean-GCC-China summit: Forging strategic trilateral future
LETTER | On May 27, Kuala Lumpur became the epicentre of a historic diplomatic convergence as the leaders of Asean, the Gulf Cooperation Council (GCC) and the People's Republic of China gathered for the first-ever Asean-GCC-China Summit. This unprecedented trilateral engagement, held under the chairmanship of Malaysia, marked a milestone in international diplomacy, economic cooperation and strategic alignment among three of the world's most dynamic regions. The summit was more than a mere multilateral meeting. It symbolised the coming together of regions connected by centuries of trade, civilisation, and cooperation from the ancient Silk Road and the maritime powerhouses of Melaka to the energy corridors of the Gulf and the technological advances of modern China. Prime Minister Anwar Ibrahim, as host and chair, reflected this spirit by emphasising the deep historical linkages and shared aspirations that bind these blocs together. Anwar described the summit as a 'new chapter in Asean's journey of outward-looking engagement,' underscoring the trilateral potential of a combined population exceeding 2.15 billion and a gross domestic product (GDP) of US$24.87 trillion. He stressed that such a scale presents immense opportunities to synergise markets, deepen innovation, and foster cross-regional investments. Global dynamics The 2025 summit took place against a backdrop of shifting global dynamics, notably the rise in U.S. protectionism under President Donald Trump's second term. As the United States imposed new rounds of tariffs on Asean exports - reaching up to 49 percent for some member states - there was a clear impetus for regional blocs to assert strategic autonomy. The Asean-GCC-China alignment thus appeared not as a defiance of global order, but as a recalibration of priorities towards multipolarity, cooperation and balanced engagement. While Anwar was careful to reiterate that the US remains an important trade partner, he also reaffirmed Asean's intention to maintain a policy of 'constructive, balanced engagement' with all major powers. This was echoed in the summit's joint statement, which pledged to uphold international law, multilateralism and mutual respect. The summit produced a far-reaching Joint Statement, outlining commitments in six primary domains: economic integration, energy and sustainability, digital transformation, food and agriculture, connectivity and people-to-people exchanges. These areas form the backbone of what the leaders termed a 'unified and collective path toward a peaceful, prosperous, and just future.' The summit reaffirmed the centrality of trade as the cornerstone of trilateral relations. Leaders committed to finalising and signing the Asean-China Free Trade Area (ACFTA) 3.0 Upgrade and looked forward to the early conclusion of the China-GCC Free Trade Agreement. Furthermore, they proposed the establishment of a trilateral regional business council to facilitate dialogue between companies across the three regions, with a special focus on digital trade, fintech, supply chains and empowering micro, small and medium enterprises (MSMEs). There was also a strong push for de-dollarisation strategies, with an emphasis on local currency usage and cross-border payment systems to shield regional trade from external volatility. Infrastructure development was positioned as both an economic and symbolic enabler of regional unity. The Belt and Road Initiative (BRI) was endorsed as a platform to enhance seamless regional connectivity, particularly through digital infrastructure, maritime security cooperation and the development of logistics corridors. These initiatives are expected to diversify economic access and deepen inter-regional trade links between the Asean archipelago, the Gulf and mainland China. On energy Energy featured prominently, reflecting the Gulf's strength as an energy powerhouse and China's and Asean's increasing drive toward clean energy transitions. The summit participants agreed to collaborate on an inclusive, affordable energy transition aligned with the Paris Agreement. Joint efforts will focus on clean hydrogen, low-carbon ammonia, carbon capture and nuclear energy guided by International Atomic Energy Agency (IAEA) standards. The parties also committed to strengthening energy market stability, investing in cross-border energy infrastructure such as LNG terminals and undersea power cables and promoting innovation in emerging green technologies. The leaders acknowledged digital innovation as a strategic priority. There was consensus on exploring cross-regional frameworks for cooperation in digital trade, fintech, artificial intelligence (AI), quantum computing, blockchain and smart city development. To ensure inclusivity in the digital age, the summit endorsed skills development, digital literacy programs, and inclusive platform work protections. Food security was highlighted as an urgent issue, especially amid ongoing conflicts and supply chain disruptions. The leaders agreed to enhance sustainable agricultural practices, promote halal food trade through mutual recognition of standards and diversify food sources to strengthen regional nutrition and food resilience. Cultural diplomacy was also a core theme. The summit committed to boosting educational exchange, scholarship programs, mutual tourism marketing, and cross-cultural initiatives through art, music and literature. A special focus was placed on youth engagement and intercultural dialogue to build mutual trust and long-term friendship among the peoples of the three regions. In addition to development priorities, the summit tackled pressing global humanitarian and security concerns. The plight of Palestinians was addressed comprehensively, with the leaders jointly condemning attacks on civilians in Gaza and calling for a durable ceasefire and full humanitarian access. The summit cited the International Court of Justice Advisory Opinion (July 19, 2024) and UN resolutions supporting the two-state solution based on pre-1967 borders. Qatar's mediation and China's role in facilitating Palestinian unity through the Beijing Declaration (July 2024) were acknowledged and praised. The leaders also endorsed Saudi Arabia's initiative to co-host a High-Level International Conference for Peace in Palestine with France in June 2025. Myanmar crisis In addressing the Myanmar crisis, the summit called for extending the ceasefire initiated after the March earthquake, although concerns were raised about the military regime's sincerity. Nonetheless, Asean reaffirmed its commitment to a peaceful solution through regional consensus and diplomacy. Anwar delivered multiple keynotes during the summit and the accompanying Asean-GCC-China Economic Forum. He celebrated the event as a landmark demonstration of Asean's capacity to convene and lead amidst complexity. Anwar highlighted the rapid economic rise of the GCC, particularly in energy transition and AI development, and reaffirmed China as a vital partner for regional stability, justice, and development. He praised the summit for achieving concrete consensus on governance, economic policy, and human rights advocacy, stating that this summit proves that open dialogue and collective spirit can overcome differences. Chinese Premier Li Qiang echoed similar sentiments, emphasising China's readiness to align development strategies with Asean and GCC partners, and expressing optimism that trilateral synergies would multiply benefits across all regions. GCC leaders, including Kuwait's Crown Prince Sheikh Sabah Khalid Al Sabah, stressed the importance of building resilient partnerships to withstand global crises, while advancing negotiations on a free trade area with Asean. The summit concluded with a collective pledge to implement the joint statement through agreed mechanisms and to build on existing frameworks such as the Asean-GCC and Asean-China platforms. The leaders also looked ahead to future summits, including the Asia Cooperation Dialogue in Doha (October 2025) and the Palestine Peace Conference (June 2025). In short, the Asean-GCC-China Summit represents a bold reimagining of global governance. It demonstrated that in a fragmented international order, regional blocs can lead with purpose, foster inclusivity and champion cooperation over conflict. With Malaysia at the helm, the summit has set a precedent for strategic trilateralism that could shape Asia and the Middle East for decades to come. NURUL AMELLYA AZHAR is a doctorate student in International Political Economy at Universiti Kebangsaan Malaysia. The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.
The Star
2 hours ago
- The Star
Chinese listing spree sparks revival hopes in Hong Kong stocks
HONG KONG: A wave of listings by Chinese companies is expected to reinvigorate trading activity in Hong Kong, with optimism growing that a robust pipeline of debuts will drive the broader stock market higher. First-time share sales in Hong Kong have raised HK$77bil this year through May, the most for the period since 2021, buoyed by a blockbuster offering by battery giant Contemporary Amperex Technology Co (CATL). The boom looks set to continue as companies that represent China's industrial ambitions and rising technological capabilities – such chipmaker Will Semiconductor Co and luxury carmaker Seres Group Co – prepare to debut on the Hong Kong exchange. While there is yet to be a meaningful pickup in turnover, the listings are a welcome development for a market that had been bogged down in recent years by low liquidity and a dearth of prominent new entrants to attract global capital. The Hang Seng Index remains 25% below its 2021 peak despite a 16% gain this year. 'The fundraising rush will be a boon for liquidity and finally make Hong Kong 'China's Nasdaq,' more so than any of the onshore growth boards, given the quality of the listings,' said Chen Da, founder of Dante Research. The arrival of high-profile Chinese companies, and the trading activity that brings, may revitalise stocks that had fallen into obscurity due to low turnover in the broader market, he said. Hong Kong has long been a gateway for global investors seeking exposure to mainland Chinese companies, which currently make up 70% of the Hang Seng Index's weighting. While this role has also left the city's stocks vulnerable to China-US tensions, strong performance by recent entrants shows investors believe the rewards of owning a slice of China's new-economy stocks outweigh the risks of volatility. Share prices for bubble tea makers Mixue Group and Guming Holdings Ltd, and toy manufacturer Bloks Group Ltd., have more than doubled since their Hong Kong debuts this year. The offerings are 'fundamentally reshaping the DNA of the market, representing a strategic upgrade for the city's market,' said Yang Ruyi, fund manager at Shanghai Prospect Investment Management Co. 'Hong Kong is rebranding from merely a China offshore market into a globally- watched benchmark pricing the new economy.' Tech stocks and those embodying new consumption trends could make up 50% of the weightings of the exchange's constituents in the coming years, she expected. To some market watchers, the burst of activity is evoking memories of the initial public offering (IPO) boom in the early 2000s that laid the groundwork for a near-300% rally in the Hang Seng Index over the four years through 2007. Zeng Wenkai, a fund manager at Shengqi Asset Management, draws parallels to the momentum that followed Tencent Holdings Ltd's 2004 debut, and sees valuations increasing by 20% across the board over the next year. In another potential boost, fast-fashion retailer Shein Group Ltd is considering switching its planned IPO to Hong Kong from London. The bullish sentiment is evident in the gains in Hong Kong Exchanges & Clearing Ltd, whose stock has rallied 36% this year. IPO proceeds could reach HK$160bil – this year and put Hong Kong back at the top perch globally, according to estimates by CGS International. Bing Yuan, a fund manager at Edmond de Rothschild Asset Management, said stellar listings by the likes of CATL and Jiangsu Hengrui Pharmaceuticals Co suggest companies with global footprints and strong governance standards tend to attract more interest from international investors. Despite the budding optimism, a meaningful boost to liquidity and a shift in global funds' perception of Hong Kong as an attractive destination may take time to materialise. There is also the risk of new listings diverting demand away from existing stocks and somewhat offsetting the boost to the broader market. There's little doubt though that a broader revaluation is underway. The Hang Seng Index is among Asia's best performers this year, thanks to an earlier rally driven by DeepSeek's artificial intelligence breakthrough and Beijing's economic support. The Hong Kong benchmark now trades at 10.3 times forward earnings estimates, above a three-year average ratio at around nine. 'The inclusion of H-share listings of A-share companies in major MSCI indexes could serve as a meaningful catalyst for both passive and active capital flows into Hong Kong,' said Gary Tan, portfolio manager at Allspring Global Investments. 'This is particularly significant for sectors such as tech and consumer, which remain underrepresented in Hong Kong relative to their growing importance in China's economic future.' — Bloomberg
New Straits Times
2 hours ago
- New Straits Times
Dubai's MBS Global eyes Johor for tech, finance investment expansion
KUALA LUMPUR: Dubai-based MBS Global Holdings, which manages over US$14 billion in assets worldwide, has expressed strong interest in positioning Johor as its next strategic investment hub in Southeast Asia. Johor Menteri Besar Datuk Onn Hafiz Ghazi said the state government held a high-level meeting with MBS Global on May 29, in Kuala Lumpur, where the firm outlined its investment appetite in key sectors such as digital technology, Islamic digital banking, green innovation and real estate. "MBS Global's interest is a strong signal of Johor's rising profile among global institutional investors. We view this as a potential catalyst for high-impact investments that can generate quality jobs and spur inclusive economic growth," he said. The firm is no stranger to ambitious ventures. Its recent US$8.8 billion investment to develop a blockchain-based financial hub in the Maldives is projected to create over 16,000 jobs by 2030. Onn Hafiz said Johor's appeal has been further strengthened by the Johor-Singapore Special Economic Zone (JS-SEZ) initiatives, which offer cross-border advantages and regional market access to international players. "The Johor government is committed to turning investment into real benefits for the people, not just in figures, but in the form of job creation, technology transfer and sustainable economic development," he said. MBS Global Holdings' potential entry aligns with Johor's strategy to attract future-driven industries and long-term capital. It is also in line with the state's economic blueprint.
