FAIRFIELD, Conn.--(BUSINESS WIRE)--March 8, 2006--GE welcomes the launching of negotiations towards a U.S.-Malaysia Free Trade Agreement. Bilateral trade between the U.S. and Malaysia reached $44 billion in 2005, making Malaysia the United States' tenth largest trading partner.
Presently, over 80% of Malaysia's imports from the U.S. are in electrical machinery, turbines and boilers, medical equipment and aircraft, all of which are strong sectors for GE.
"A successful bilateral free trade agreement between the United States and Malaysia will eliminate most of the remaining barriers to trade, paving the way for increased U.S. exports, and continued growth in infrastructure sales," said Stuart Dean, President, GE Southeast Asia, based in Kuala Lumpur/Malaysia. "The FTA will also help us establish a position in Malaysia's growing financial services sector."
According to Michael Gadbaw, Vice President, GE and Chairman, U.S.-Malaysia Committee, U.S.-ASEAN Business Council, the commencement of FTA negotiations is a natural evolution in the outstanding trade ties between our two countries. The U.S. has grown steadily to become Malaysia's largest trading partner and trade with Malaysia supports jobs and economic growth in both countries.
"It's an enormous win-win that will foster an enabling environment where tariffs go down, while IPR, customs cooperation and transparency improve. During our annual trade missions to Malaysia, we have observed and been impressed by the growing engagement between U.S. and Malaysian trade officials," Gadbaw said.
GE's Dean added, "We have been pleased with our investments in Malaysia and look forward to opportunities for further investment, particularly in infrastructure and financial services."
GE has been a partner in Malaysia's development since the early 1970s, following its investment in GE Malaysia Appliance Controls. Since then, GE has invested in two advanced materials facilities, a joint venture with Malaysia Airlines called GE Engine Services, and another aerospace services company called GE On-Wing Support. Further, GE is a leading supplier to key Malaysian companies such as Malaysia Airlines, Petronas, TNB, KTM and Air Asia.
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
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General Electric, Fairfield
Peter O'Toole, 203-373-2547
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