KUALA LUMPUR: The Ministry of Investment, Trade and Industry (MITI) is actively revisiting the Strategic Trade Act (STA) 2010, with the aim to streaml...
: The Ministry of Investment, Trade and Industry is actively revisiting the Strategic Trade Act 2010, with the aim to streamline regulations, ensuring strategic goods and technology controls are tailored to specific industry segments.
“While trade controls on these technologies can foster peace and reduce security threats, overly restrictive policies might unintentionally hamper economic growth, stifling competitiveness and innovation,” he said in his speech at the Malaysia Strategic Trade Summit 2023 today. Tengku Zafrul said legitimate trade activities should flourish without being hindered by security-related policies, and MITI’s ongoing mission has been to strike a balance between security imperatives and trade facilitation, always aligning with best global STM practices.
Meanwhile, Tengku Zafrul has announced the establishment of the Malaysia Strategic Trade Control Community in transitioning to a significant milestone in the journey of STM. Spearheaded by the industry, MYSTCC aims to bridge the gap between the business community, professionals and experts in the STM domain.
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