U.S. Chamber of Commerce Hails Launch of U.S. - Malaysia Free Trade Negotiations
WASHINGTON, D.C. – The U.S. Chamber of Commerce applauded today's announcement by U.S. Trade Representative Rob Portman and Malaysian Trade Minister Rafidah Aziz that the United States and Malaysia will launch free trade agreement (FTA) negotiations.
"A comprehensive trade agreement will boost U.S. exports by increasing market access for American farmers, manufacturers and service providers," said Dan Christman, the Chamber's senior vice president for international affairs. "This announcement signals that Washington is committed to engaging this vibrant and growing region."
Bilateral trade between the U.S. and Malaysia increased to about $40 billion in 2005. Malaysia is currently the U.S.'s tenth largest trading partner.
Malaysia's rapidly growing economy offers many opportunities for U.S. businesses of every size. Completion of an agreement with Malaysia would reduce barriers to entry for U.S. products and financial, professional and business services, thereby increasing U.S. exports.
The deal would also bolster U.S. diplomatic ties with Malaysia, a Southeast Asia nation that has cooperated with the U.S. on security issues and become a key ally in the war against terrorism, according to the Chamber.
The U.S. Chamber of Commerce is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector and region.
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