28/01/2016 (New Straits Times) - Exporters of automotive parts, clothing and apparel, furniture and plastic parts stand to benefit from the European Union’s latest tariff deregulation review.

The International Trade and Industry Ministry said the EU had decided to review its autonomous tariff suspensions and quotas with effect from Jan 1, 2016.

The EU raised the number of products under its autonomous tariff suspension to 2,433 products (increased from approximately 1,600 products in 2011) and autonomous tariff quota for 113 products (increased from 84 products in 2013).

“Tariff suspensions and quotas are part of the EU’s autonomous liberalisation schemes, and provide temporary exceptions to the EU’s application of normal customs duty rate to goods imported into the EU.”

It usually lasts for a period of five years, added MITI

The implementation of these policies can expand opportunities for Malaysian exporters in sectors including automotive parts, boards and panels equipped with switchboards, clothing and apparels, furniture, glass fibres, miscellaneous loudspeakers/headphones, palm oil, plastic products, as well as television parts.

In principle, these tariff suspensions and quotas will impact these sectors for the exports of raw materials, semi-finished goods and components. The tariff suspensions and quotas, are however, not provided for finished products.

Malaysia no longer enjoys the Generalised System of Preferences (GSP) by the EU due to its developing status.