KUALA LUMPUR (BERNAMA) – The Ministry of International Trade and Industry (MITI) expects to launch and establish the Strategic Trade Control Community (MySTCC) by the end of this year.
MySTCC is anticipated to strengthen public-private partnership in creating awareness and compliance with the Strategic Trade Act (STA) 2010.
Malaysia’s Deputy Minister Senator Lim Ban Hong said the trade control establishment would also create a pool of industry leaders, organisations, and entities that deal with strategic items that can provide advisory role and support on matters related to strategic trade management to the public.
“We are currently still engaging with some multinational companies (MNCs) and small and medium enterprises (SMEs) through the Internal Compliance Programme (ICP).
“They have expressed their interest to contribute to MySTCC,” he told a press conference in conjunction with STA’s 10th Anniversary Celebration and Conference yesterday.
Lim said the Act has been playing a pivotal role in addressing several major concerns in international trade, particularly to provide control over the export, transshipment, transit, brokering of strategic items including arms and related materials.
“Over the years, it has benefitted the country in terms of building confidence among investors, especially in transferring sensitive products and also technology. It also provides protection to Malaysian exporters from being exploited or involved in illicit activity activities,” he said.