Speaking at a press conference in conjunction with the Southeast Asia E-Commerce Conference 2016 at i-City here Thursday, Teng said at present there was no international best practices to follow.
“One of the reasons we need to have an in-depth discussion on cross-border trade is because we aim to become a global trading place and so we need standards and someone must take that initiative,” he said.
He pointed out that Malaysian entrepreneurs could not limit themselves to the local market, and if they wanted to get into cross-border trading, then they would inevitably come across certain issues which the conference intended to address.
“Malaysia has a very small market of about only 30 million, but there is a much larger market of about 600 million in Southeast Asia.
“If local entrepreneurs want to start getting into cross-border trading, then there are several issues that they need to be made aware of.
“Issues that the conference intends to address include Customs, duties, taxation and so on.”
Invest Selangor CEO Hasan Azhari, who was also present, said apart from cross-border trade, this year’s conference would also focus on three main sectors: biotechnology, halal products and e-commerce.
He said the conference would be an opportunity for various e-commerce players, stakeholders and members of the public to meet and talk to potential partners.
“The countries which have committed to attending the conference include Indonesia, Taiwan, China, the United Kingdom and Germany,” he said.
Held in conjunction with the Selangor International Expo 2016, the Southeast Asia E-Commerce Conference is an annual event hosted by the Selangor Information Technology and E-Commerce Council (SITEC), under the auspices of Invest Selangor, and organised by the Selangor State Government.
The theme this year centres on cross-border trade and aims to promote, discuss and address the merits and challenges of doing business beyond borders on both regional and global scales.
Teng said Malaysians were equipped with a unique advantage to excel in cross-border trading due to the diversity in language and culture.
“The Southeast Asian market of 600 million is an opportunity for Malaysians to bring this unique advantage at play.”
He revealed that some early movers had taken to selling niche products across borders, such as durians and three-in-one coffee sachets, on international platforms such as Amazon and Alibaba.
“This shows that even SMEs can excel in selling across borders.”