SIBU: Local importers, exporters and wholesalers have been playing their parts in promoting the development of the local economy by streaming products in and out of the country.They also helped to maintain the balance of supply and demand in various regions.
When pointing this out, president of Sibu Chamber of Importers, Exporters and Wholesalers (SCIEW), Yeo Keng Teck, also said economic liberalisation and internationalisation were vital avenues to continuously achieve national economic growth.
In the meantime, he said, while facing stiff competition brought about by global economic liberalisation and internationalisation, the opportunity for international trade to develop would become greater.
At the same time, the business of imports and exports would also move towards a brand new era, he said at a meeting convened by SCIEW yesterday.
Yung said Jan 1, 2010 marked a significant milestone as the ‘China-Asean Free Trade Zone’ was finally realised. It was also the beginning of an era of zero excise.
According to the valuation of both sides during the signing of the free trade agreement, the revenues for China would increase by 0.58 per cent or US$19.1 billion, while the citizens of the Asean countries would have their revenues hiked by 3.72 per cent or US$44.2 billion.
Asean exports to China would rise by 48 per cent, while the exports from China to Asean would go up by 55 per cent.
As China is Asean’s biggest trading partner, and with the realisation of free trade zone, he strongly believed that Malaysia’s relationship with China would become closer, and Malaysia could benefit immensely from fast development and revolution of China’s economy.
“It is our hope that the combined 1.8 billion people of China and Asean would become a huge market that could gradually get rid of over-dependence on Japan and western countries.”
Yeo said the beginning of ‘Asean Plus One’ was very significant on various strata.
“Economically, this interprets to the beginning of the region with the strongest economic dynamic in the world and the economy of China would have a stronger convergence. In regional safety, this represents a gradual emergence of ‘Asian’s Asia’.”
He believed it would bring about greater influence to global economy if Asean could combine with Korea, Japan, India, Australia or New Zealand in future to become a larger free trade zone.
“But most importantly, no matter how the development of the international economy transpires, importers, exporters and wholesalers must be equipped to face stiffer challenges and to grab more business opportunities,” said Yeo.