Latest news with #InternationalTradeandIndustry
New Straits Times
28-04-2025
- Business
- New Straits Times
Malaysia committed to genuine export labelling, value-added trade
KUALA LUMPUR: The government has reaffirmed its commitment to ensuring that exports genuinely reflect value-added production, following reports of Chinese goods being falsely labelled as Malaysian to evade US tariffs. International Trade and Industry Deputy Minister Liew Chin Tong reiterated Malaysia's firm stance against such practices, stressing the importance of maintaining the integrity of the nation's export system. "We have always maintained a clear position that such practices must not happen," Liew said in response to concerns about Chinese goods being falsely labelled as Malaysian. "If you look at my record, you will see that I have consistently advocated for this. We emphasise value-adding and we want to see value-added production taking place in Malaysia. "Our goal is to export goods that genuinely result from Malaysian value-added processes," he said at the grand launch of Generali Malaysia's new headquarters here today. Liew said the principle of promoting genuine value-added production has long been upheld by the government. "We do not want to see goods merely passing through Malaysia for relabelling, we want to see actual value-added work taking place here," he added. The issue has drawn attention to broader challenges faced by Malaysia and other nations navigating complex global trade dynamics. By focusing on value-added production, Liew said Malaysia aims to reinforce its position as a credible and reliable trade partner on the international stage.
New Straits Times
28-04-2025
- Business
- New Straits Times
Malaysia, Italy eye deeper economic cooperation amid global trade shifts
KUALA LUMPUR: Malaysia and Italy are set to deepen economic cooperation as both nations seek stronger bilateral ties and greater collaboration between Asia and the European Union (EU). International Trade and Industry Deputy Minister Liew Chin Tong said the move comes at a crucial time as global trade dynamics face significant disruption. "We would like to see stronger collaboration between Malaysia and Italy, as well as greater partnerships between Asia and the EU," Liew said at the grand launch of Generali Malaysia's new headquarters. Liew is scheduled to meet Italy's Ministry of Enterprise Deputy Minister Valentino Valentini at the International Trade and Industry Ministry (MITI) headquarters here today. Referring to the lingering impact of United States President Donald Trump's tariff policies, Liew said countries are grappling with "a once-in-a-generation challenge," making international economic cooperation more vital than ever. "The relationship and economic cooperation between Malaysia, Italy and between Asia and the EU is very important in navigating these challenges," he emphasised. Malaysia and Italy share long-standing economic ties, particularly in sectors such as machinery, chemicals, food and beverages and automotive. Last year, total trade between the two countries reached RM14.6 billion, marking a two per cent increase from 2023. Liew's meeting with Valentini is set to lay the groundwork for new initiatives, aimed at fostering sustainable growth and resilience in an increasingly interconnected global economy.
