U.S.-Malaysia Tax Treaty


Members of the US ASEAN Business Council are encouraging Malaysia and the United States to complete a bilateral double taxation treaty, and to sign a trade and investment framework agreement (TIFA). The Council's leaders discussed both issues in a meeting with Malaysian Deputy Finance Minister Dr. Jamaludin bin Jarjis and his delegation in Washington, DC, and noted that the bilateral relationship between Malaysia and the United States is vitally important, and is on track.

 

On trade, the Council believes a U.S. - Malaysia trade and investment framework agreement (TIFA) can open the way to a free trade agreement (FTA). "Malaysian and American businesses need an FTA to be competitive." Under the Enterprise for ASEAN Initiative, announced by President Bush last October, the U.S. is offering the prospect of bilateral FTAs with ASEAN member countries, and a TIFA would be a prerequisite for FTA negotiations.

 

"U.S. businesses are part of Malaysia, we are part of society there, providing jobs, education and training. We consider our relationship with Malaysia to be vital to our Asia and worldwide strategies. The United States and Malaysia are very close partners in trade, investment, education, security cooperation, and in many other areas," said Bower.

 

Two-way trade between the U.S. and Malaysia last year stood at US$34.4 billion, the largest volume of bilateral trade with any ASEAN country, and the U.S. exports more to Malaysia than it does to such countries as India, Italy, Russia, Spain, or Switzerland.

 

The US-ASEAN Business Council is America leading private business organization dedicated to promoting increased trade and investment between the United States and the member nations of ASEAN. The Council's membership includes approximately 150 of the Fortune 1000 American companies with trade and investment interests in the ASEAN region, and the council's members are represented in diverse industries, including aerospace, agribusiness, automobiles, computers and information technology, consumer goods, energy exploration and development, express delivery services, financial services, health care and pharmaceuticals, software, and telecommunications.  

 

 

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