Malaysia's International Trade To Increase 88 Pct In 15 Years

PETALING JAYA (Malaysia), Jan 27 (Bernama) -- Malaysia's international trade is expected to increase 88 per cent in the next 15 years in tandem with the government's aspiration to transform Malaysia into a high-income economy, says Second Finance Minister Ahmad Husni Hanadzlah. He said international trade rose 29 per cent to US$363.5 billion last year. As a nation that trades in high-valued goods, Ahmad Husni said entrepreneurs required efficient border controls and less non-tariff barriers. Speaking at the 30th International Customs Day celebration here Thursday, Ahmad Husni said the customs department was a linking agent in the global trans-border network and helped enhance inter-governmental cooperation with international organisations. This is a complimentary role with regard to the customs department's position as an agent to connect government agencies, non-governmental organisations and the country's private sector, he added. Ahmad Husni said given the increasing complexity of the country's trade direction and movement of international goods, the role assumed by the customs department in the years ahead would become more complex. "The value of cross-border trade will spiral, laws and regulations will become more complex, cheating, forgery, international security and health threats would become more sophisticated. "At the same time, the customs department would have to contend with traditional issues such as smuggling, invoice falsification, preservation and prevention of intellectual properties and health care control," he said. Ahmad Husni, was, however confident with the expertise and ability of the Royal Malaysian Customs department which was well versed with international trade laws, commercial crime eradication and the use of latest technology. -- BERNAMA