It has been reported that the Ministry of International Trade and Industry (MITI) will announce a cut in car duties for imports from Japan and Australia tomorrow (Feb 28).
The reduction would be over three years for CBU cars imported from the two countries, said MITI minister Datuk Seri Mustapa Mohamed at the investKL media breifing earlier today. He told reporters that more details on the matter will be released tomorrow.
Malaysia and Australia concluded negotiations on the Malaysia-Australia Free Trade Agreement (MAFTA) in March 2012. MAFTA entered into force on January 1, 2013. The Malaysian Insider says that Putrajaya has committed to cut duties from 15% in 2013 to 10% in 2014 and 5% in 2015 with zero duties in 2016.
Malaysia and Japan also has a free trade agreement in place. Both countries established the Malaysia-Japan Economic Partnership Agreement (MJEPA) in 2005. MJEPA came into force on July 13, 2006.
Updates to come tomorrow.
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AI-generated Summary ✨
Comments express skepticism about the real impact, criticizing that the reduction only benefits the rich, and noting that excise duties remain high. Many point out that the announcement is likely a political stunt ahead of elections. Others comment on the limited scope, questioning which cars from Australia qualify and doubting that prices will significantly drop. Several believe the government’s promises are deceptive and worry about the impact on secondhand car markets and future taxation policies.