MITI, MATRADE FORMULATING NATIONAL TRADE BLUEPRINT 2021-2025

KUALA LUMPUR, Aug 7  -- The Ministry of International Trade and Industry (MITI) and Malaysia External Trade Development Corporation (MATRADE) are currently developing the National Trade Blueprint (2021-2025) to enhance the country’s trade competitiveness globally.

In a statement, MATRADE said while exports have been the backbone of the Malaysian economy, with a total value of RM986.38 billion in 2019, contributing 65.3 per cent of the country’s gross domestic product (GDP), the export dynamics have changed within the last 10 years.

“The blueprint will deep dive into the issues of supply-demand constraints, as well as gaps and challenges within the business environment, which impede trade performance.

“Good practices and strategies by other trading nations and trade promotion organisations will also be further deliberated to help formulate practical action plans and programmes for Malaysia’s continued trade growth,” it said.

MATRADE said the blueprint would also identify new areas of growth for Malaysia’s export to further propel the country’s economic growth.

It said the COVID-19 pandemic, which swept across the globe, has also caused an unprecedented impact on global trade.

“Hence, it is timely for Malaysia to develop the National Trade Blueprint to reinvigorate the export growth and bolster Malaysia’s economy,” it said.

Hence, MATRADE is seeking cooperation from exporters and aspiring exporters to participate in the nationwide survey to help identify export issues and challenges.

Relevant feedback and insight would chart the trade direction for the next five years, it added.

-- BERNAMA