MALAYSIA: Government mulls AFTA tariff cuts
The Malaysian government is considering the manner in which it will reduce import tariffs on CBU (Completely Built Up) imports and CKD (Completely Knocked Down) kits imported from other South East Asian countries covered by the ASEAN Free Trade Agreement (AFTA), according to an AutoAsia report.
The report says that the government has not yet decided whether to lower the tariff in stages from now through to 1st January 2005, or exactly how the new system of tariffs and duties will function.
The AutoAsia report says that at present, Malaysia import duties range from 42-80% for CKD kits, rising to a maximum 300% for CBU vehicles.
The report adds that Malaysia has delayed full opening of its market until the start of 2005, but other AFTA signatories are opening their markets on 1st January 2003.