KUALA LUMPUR: The Asean Economic Community (AEC) should focus on the services sector and priority areas through the score card system, former international trade and industry minister Rafidah Aziz said.
She called for more attention to be given to the services sector as it has been lagging behind the goods segment.
“We are too slow in the negotiation process with other countries on the cross-border issues pertaining to sectoral issues and we should have a score card system for every sector to identify what is needed to be prioritised,” she said at the ‘Through the Lens of the Iron Lady’ session here yesterday.
She shared her thoughts on the AEC progress and national issues at the session, held in conjunction with the International Accountants Conference 2015 hosted by the Malaysian Institute of Accountants (MIA).
Rafidah said through the score cards system, the constraints faced by Malaysia and other Asean member countries, particularly in having a freer flow of investments and services, could be ironed out.
She cited domestic imperative issues, economic interests in Sabah and Sarawak, and legal constraints in Sabah, Sarawak and Peninsular Malaysia as areas that had curtailed growth in the services sector.
“Different levels of development in these (Asean) member countries, lack of infrastructure, capacity and uniformity in legal matters to regulate the industry are among the constraints and these are causing delays to the formation of the AEC.
The AEC will only progress at a rapid pace through market liberalisation, she said, adding that Malaysian companies should invest in new countries despite the current economic and political environment.
On the Trans-Pacific Partnership Agreement (TPPA), Rafidah said it would benefit Malaysia if the areas negotiated were anything to go by.
“Categorically it is a multilateral agreement between 12 Asia-Pacific Economy Cooperation (APEC) countries and I’m happy with what we were given and what had been offered to us.
“The TPPA should be a market-driven initiative and not a politically driven one,” she added.
– BERNAMA
