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Apec ministers approve green tariff agreement
Publication Date : 07-09-2012
Asia-Pacific Economic Cooperation (Apec) has agreed to a list of 54 goods to be listed as Environmental Goods and Services (EGS) that will be subject to no more than 5 per cent in tariff, Malaysia's International Trade and Industry Minister Mustapa Mohamad said.
Most of the goods on the list are various types of industrial boilers, of which Malaysia is a major manufacturer, while there is only one item on the list that is subject to a tariff of more than 5 per cent, which is bamboo flooring.
Mustapa said although the list was not as comprehensive as Malaysia hoped, it was a major breakthrough for Apec because the EGS list was proposed last year and the member economies came to an agreement in less than a year later.
A similar proposal was made to the World Trade Organisation talks 10 years ago but till today there is no conclusion.
Speaking to Malaysian journalists covering the 24th Apec Ministerial Meeting, Mustapa said the list had a positive impact for the Malaysian economy because the export value was much higher than import.
He also revealed that Canada and Mexico were the two latest economies to be admitted to the Trans-Pacific Partnership an exclusive club within Apec that agrees to more aggressive trade liberalisation policies.
There were eight other members Chile, New Zealand, Singapore, Brunei, United States, Australia, Vietnam and Peru at an unofficial meeting yesterday who agreed to admit the two new members to join in the 15th round of negotiations next year.
Mustapa also invited the member economies to take part in the Global Summit of Women, which will be held in Kuala Lumpur in June next year.