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Exporters of automotive parts,
clothing and apparel, furniture and plastic parts stand to benefit from the
European Union’s latest tariff deregulation review. The International Trade and
Industry Ministry said the EU had decided to review its autonomous tariff
suspensions and quotas with effect from Jan 1, 2016.
The EU raised the number of
products under its autonomous tariff suspension to 2,433 products (increased
from approximately 1,600 products in 2011) and autonomous tariff quota for 113
products (increased from 84 products in 2013). “Tariff suspensions and quotas
are part of the EU’s autonomous liberalisation schemes, and provide temporary
exceptions to the EU’s application of normal customs duty rate to goods
imported into the EU.” It usually lasts for a period of five years, added MITI.
The implementation of these
policies can expand opportunities for Malaysian exporters in sectors including
automotive parts, boards and panels equipped with switchboards, clothing and
apparels, furniture, glass fibres, miscellaneous loudspeakers/headphones, palm
oil, plastic products, as well as television parts. In principle, these tariff
suspensions and quotas will impact these sectors for the exports of raw
materials, semi-finished goods and components. The tariff suspensions and
quotas, are however, not provided for finished products. Malaysia no longer
enjoys the Generalised System of Preferences (GSP) by the EU due to its developing
status.
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