Illustration photo. (Source: Internet) Kuala Lumpur (VNA) – The EU decided to suspend tariffs on Malaysia’s export products of automotive parts, clothing and apparel, furniture and plastic parts effective from January 1, according to Malaysia’s Ministry of International Trade and Industry (MITI).
The EU raised the number of products under its autonomous tariff suspension to 2,433 products, an increase from approximately 1,600 in 2011.
The MITI said tariff suspensions and quotas are part of the EU’s autonomous liberalisation schemes.
The implementation of these policies can expand opportunities for Malaysian exporters in the sectors such as automotive parts, switchboards, clothing, furniture, glass fibres, loudspeakers and headphones, palm oil, plastic products and television parts.
In principle, tariff suspensions will impact these sectors in the export of raw materials, semi-finished goods and components.
However, tariff suspensions are not provided for finished products.
Malaysia no longer enjoys the Generalised System of Preferences (GSP) by the EU due to its developing status, according to the MITI.-VNA
