Latest news with #ACCCIM
Daily Express
08-05-2025
- Business
- Daily Express
Chambers sign pact to boost trade ties
Published on: Thursday, May 08, 2025 Published on: Thu, May 08, 2025 By: Bernama Text Size: Sok (right) exchanges an MoU with his Malaysian counterpart Ng. PHNOM PENH: The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) and Cambodia Chamber of Commerce (CCC) have launched a joint initiative to enhance economic cooperation and increase bilateral trade. The two chambers signed a memorandum of understanding (MoU) on Tuesday to formalise their collaboration, according to a statement from CCC. ACCCIM President Datuk Ng Yih Pyng said the delegation aimed to partner with its Cambodian counterpart to explore new economic opportunities in the Kingdom. 'The main objective of the visit is to explore potential cooperation and promote sustainable events in Asean,' said Ng. The MoU sets out a framework for promoting economic ties and encouraging trade and investment between both countries. Bilateral trade between Malaysia and Cambodia reached about RM3.7 billion (US$865 million) in 2024. Malaysia's key exports to Cambodia include petroleum products, chemicals, textiles, apparel, footwear, metals, and non-metallic mineral products. Cambodian officials pointed to the country's young and energetic workforce, a productive investment climate, and supportive government policies as key advantages. 'There is a close economic relationship between Cambodia and Malaysia, strong trade demand, and Malaysian investment in key sectors,' said CCC Vice President Sok Piseth, according to the statement. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Barnama
05-05-2025
- Business
- Barnama
ACCIM SEES CORDIAL TALKS AS KEY TO FAIR, BALANCED MALAYSIA-US TRADE DEAL
BUSINESS KUALA LUMPUR, May 5 (Bernama) -- The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) believes that continued cordial negotiations between the Malaysian and United States (US) governments can lead to a fair and balanced trade deal. ACCCIM president Datuk Ng Yih Pyng said in a statement today that such a deal would deepen Malaysia-US bilateral trade and investment through enhanced market access and reduced tariffs. 'There is no reason to inflict severe economic damage on businesses from both countries, particularly those sectors and industries that have significant market presence in the US and vice versa,' he said. Ng also said the association suggested that the government increase the amount of Market Development Grant (MDG), which currently stands at RM5,000 for international fairs or exhibitions held in Malaysia and RM25,000 for those held overseas. He added that ACCCIM supports efforts to engage in more free trade agreements (FTAs), including resuming the FTA negotiations with South Korea and the European Union (EU). Ng said that with many countries now facing an extraordinary wall of tariffs, many micro, small and medium enterprises (MSMEs) have expressed concern that more products from Malaysia's trading partners may be dumped into the local market, weakening domestic industries. 'The flooding of foreign goods would nonetheless increase competitive pressure on domestic MSMEs, particularly in sectors such as trading, retailing, furniture, iron and steel, consumer durables, and e-commerce, where margins are already tight,' he said. Ng added that the association has proposed a multifaceted approach to curbing 'rebadged' products. Among the suggestions are enhanced customs inspections and enforcement using risk-based profiling and targeted checks, focusing on sectors or products with high tariff differentials. The approach includes mandating stricter verification and compliance of the Certificate of Origin and Rules of Origin to prevent 'renegade product' activities at ports.
