Trading in Malaysia
Updated on Friday 30th June 2017
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There are different ways of doing business in Malaysia. One way is to be engaged in trading in Malaysia. The trade environment of Malaysia is thriving and is very attractive for businessmen. In 2016, Malaysia remains as the 22nd biggest trading partner of the European Union in terms of goods. The European Union imports Malaysian industrial products amounting to about 22 billion euros. Malaysia is also the 23rd largest exporter in the world. In 2015, the exports of Malaysia amounted to $175 billion and its imports were up to $78.8 billion. Our Malaysian lawyers can give you legal advice on how to start trading in the country.
Import regulations in Malaysia
The Custom Prohibition Act regulated the goods imported in Malaysia. This is an important law when engaged in trading in Malaysia because it serves to protect the country’s manufacturers, national security, health, and plant life. The goods covered under the law are food and agricultural products, motor vehicles, audio and video recording machines, and steel products. These goods are imposed with high tariff rates in order to control their entry into the country. Our lawyers in Malaysia can provide you with more information about the Custom Prohibition Act.
Malaysian Export regulations
The 1998 Decree on Customs, in compliance of the Law on Customs, is one of the main export laws of Malaysia. Under the law, an individual engaged in trade in Malaysia is subjected to certain restrictions with regard to exported goods. One example of such restriction is the prohibition on the export of petroleum and oil products to certain countries, as well as military equipment and vehicles. The law also provides for licensing requirements when exporting products to certain countries and compliance of condition precedents. Our law firm in Malaysia has experts that can advise you on these restrictions.
Free trade policy of Malaysia
The free trade policy is geared towards achieving a liberal and fair worldwide trading environment. They will achieve this goal by entering into multiple free trade agreements with other countries in order to expand Malaysian trade overseas and improve the competence of local exporters in the world market. Our attorneys in Malaysia are knowledgeable of the countries free trade policy.
If you want to trade in Malaysia, make sure to consult an expert. Contact our Malaysian lawyers and they will give you legal advice on trading in the country.