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MPCEPA kicks off today with New Year
01
Jan '08
The Malaysia-Pakistan Closer Economic Partnership Agreement (MPCEPA) comes into force from today and will hold its effect till 2014. With regard to this, the Federal Board of Revenue (FBR) on Monday announced a reduction of customs duty on import of over 5,900 items agreed in the contract.

Concerning trade in goods, Pakistan has removed tariff on nearly 23 percent of the current imports from Malaysia while the latter has withdrawn tariff on 78 percent of imports made from Pakistan.

The Free Trade Agreement will only help secure markets for Pakistani products in Malaysia. Besides, it will also strengthen trade relations between the two countries.

Pakistan on its part would provide market access to Malaysian goods like basic raw materials and intermediate goods and machinery. Malasia would also open-up its market to products like gems and jewellery, cotton yarn, cotton fabric, blankets, bed linen and many other home textile products.

Under the tariff reduction scheme, import duty on crude oil from today will be reduced to Rs8,100 per MT and from January 2014 to Rs7,650 per MT.

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