Four strategies identified at 13th IMT-GT summit

Kuala Lumpur: The 13th Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) Summit, which was held virtually Thursday, has issued a joint declaration that each member country will implement various fiscal and administrative policies for economic recovery by focusing on four main strategies.

IMT-GT Joint Business Council (JBC) standing chairman Tan Sri Rozali Ismail said the strategies include improving vaccination rates in their respective countries and adopting a border reopening policy which, while following safe standard operating procedures, is facilitative towards business and trade.

The leaders have also resolved to increase the effectiveness and efficiency of new norm practices by enhancing digital and e-commerce applications for managing trade by the government and private sectors, and to strengthen their commitment towards implementing sustainable development policies that take into account environmental sustainability and the people’s well-being.

“The Joint Business Council of Malaysia, along with the business community, supports the joint declaration by the member countries’ leaders to drive and enhance policies, strategies and programmes that have been identified towards reviving the economy through the ‘endemic phase recovery’ approach,” he said in a statement Thursday.

As a sign of support, Rozali said, the Joint Business Council of Malaysia is prepared to implement five initiatives, including the reopening of the inter-regional tourism sector through a “travel bubble” policy, increasing the frequency of engagement with businesses in the IMT-GT region to at least once every two months, and publishing a business directory to promote investments and cooperation among member countries.

It will also enhances regional cross-border facilitation through the implementation of the IMT-GT Business Travellers Privilege Card which offers benefits and priorities covering visa issuance and immigration inspection as well as boosting the digitalisation of cross-border businesses and transactions in order to reduce red tape.