Malaysian Management Review

INTERNATIONAL COUNTERTRADE AND MALAYSIA: POLICY AND PRACTICE University of Technology, Sydney, Australia International Marketing Studies, Faculty of Business, DR RICHARD FLETCHER Department of Marketing, University of Otago, New Zealand and DR VIOLETA A LLANES ABSTRACT Using published literature and content analysis of reported Malaysian countertrade transactions covering three continuous three-year periods (19871990, 1990 - 1993 and 1993 - 1996), this study examines the policy and practice of countertrade in Malaysia. The results reveal an increasing trend in the use of countertrade (1.3 per cent share of the estimated 8% to 30% of world countertrade); the predominance of developed countries (almost 60%) as countertrade partners; a shift from the use of counterpurchase to offset as the dominant type of countertrade; and the increased dominance of industrial equipment over foods/raw materials and fuels as products countertraded. Overall, the findings suggest the central role of government in countertrade, the congruence between countertrade policy and practice, and the strategic role of countertrade in the country's foreign trade and developmental goals. INTRODUCTION Countertrade (henceforth CT) is a generic term used to describe a range of trade financing methods (Khoury, 1984), or a variety of exchange mechanisms whereby goods, commodities or services are "paid for" through reciprocal purchasing obligations as firms or countries agree to accept each other's products as full or partial payment for the transaction. There is thus, minimal use of hard

currencies and/or short-term bank credits (Okoroafo, 1986). Simply put, countertrade is linked trading or mandated reciprocity (Marin and Schnitzer, 1994), a transaction that ties an export to an import, with each party oftentimes both a buyer and a seller at the same time. While the use of hard currencies is minimal, it is rarely that countertrade is conducted without the exchange of money. It is trade in the absence of a price mechanism (Simpson, 1995). In part of the transaction, a product or products substitute for money (Schaffer, 1990). According to Francis (1987), one of the reasons why countertrade is "at first sight rather difficult to understand is due to the lack of agreement on common terminology: some words used mean different things to different people, while some words mean the same thing." The following four types of countertrade are adapted (the original list has five forms, here buyback and compensation are taken as similar forms) from Malaysia's perspective (MTI, 1987, pp 2-3): Barter (BT) is a single short-term contract that specifies the direct exchange of selected goods or services for another of equivalent value without the use of money. The contractual exchange is usually carried out on trust without letters of credit, but parallel bank guarantees, i.e. standby letters of credits or performance bonds may be obtained. Today, while being the oldest form of reciprocal trade, barter deals are rarely used in international trade, because of their limited flexibility and problems of determining the exchange values of goods as well as in matching the trading parties' needs for each other's goods. An example of barter was the 1985 Colombia (Ingrad SA)-Peru exchange of Peruvian fish and Columbia's meat worth US$1.2 million (Alexandrides and Bowers, 1987).

Counterpurchase (CP), also called parallel or reciprocal or linked deals, is a medium-term transaction which involves actual cash transfers and at least two contracts, one for the sale of the product and the other for the purchase, with the value of the imports not exceeding the value of the goods exported. CP has been the predominant method of financing imports to Eastern block countries. CP is used to balance imports and exports, stabilize currencies, control inflationary pressures and gain access to new markets. Offset (OF) is a long-term, government mandated CT involving purchases of military or large infrastructure equipment. It is used to improve the buyer's foreign currency position, transfer technology or management expertise, and generate employment. It may either be direct, i.e. directly related to the original product sold to the country, e.g. co-production, licensed production, subcontractor production, foreign investment and technology transfer; or indirect which involves goods and services not directly related to the product, e.g. tourism development, use of the country's air carriers and hotels, etc. Examples of Malaysian offset deals will be discussed in the next section. Buyback (BB) or compensation may be short term (one year) for product processing arrangements, or medium to long term for plant construction, investment, and production sharing arrangements. BB obliges the foreign firm wishing to invest or sell capital goods to accept full or partial payment in a predetermined amount of the resultant output of the plant, equipment or technology. An example is the 20 year (1977-97) US$240 million BB deal between Japan (Mitsui/Toyo) and Russia for Japan to build four ammonia plants to be paid from resultant output of

ammonia, for an annual export value of US$11 million. Both CP and BB played a prominent role in Malaysia's initial CT involvement. The mix of countries that countertrade today is not only limited to developing countries or the former Centrally Planned Economies [(CPEs), see Table 1]. Due to its bilateral and often secretive nature, experts' estimate of the magnitude of countertrade in global trade vanes widely from 8% (GATT) to 20%30% (US Department of Commerce). Academics, companies and government officials agree, however, that countertrade deals have grown consistently and considerably since the late 1970s. The growth of countertrade may be attributed to its meeting certain needs and objectives of firms and countries such as: marketing, e.g. to increase sales volume, market expansion; economic maximization, e.g. to overcome credit difficulties, liquidity conservation due to currency and exchange problems, and internationalization, e.g. entry into new markets (Llanes, 1996, 1995). For many emerging economies, CT is important in realizing their economic development and internationalization goals as well as in expanding their industrial and technological base (Llanes and Welsh, 1995; Simpson, 1995: Barrett, 1992). Understanding a country's CT strategy begins with an understanding of its motivations to use CT. Southeast Asian countries account for a third of the estimated US$3 trillion revenues from global countertrade activities (Kotler, et al., 1996, p 637). As the world's fastest growing market, the Asia-Pacific region is experiencing a heightened use of CT. In 1993, the world's first CT association, the Asia- Pacific Countertrade Association (APCA), was formed in Singapore. According to Christoph Kamm, president of APCA, and the APB Project &

Finance Ltd of Switzerland, "the dynamic growth of the Asia-Pacific region combined with the increased use of reciprocal trade practices and non-conventional financing such as CT, offsets, buy back, bilateral trade and escrow accounts has created a unique opportunity to form a professional forum (APCA) for addressing the needs of parties involved in CT activities" (Business Times, 20 Oct 1993, p 19). Malaysia is one of Asia's fastest growing economies, posting an average of Gross Domestic Product (GDP) of 8.5% for the last five years. It has moved from a commodity and agricultural-based economy to a competitive manufacturing economy by diversifying into value-added products and export industries. In 1995, the manufacturing sector accounted for over 79% of total exports. As outlined in its Seventh Malaysia Plan (SMP), 1996-2000, the country will pursue further economic development and industrialization based on more capital-intensive, high technology and knowledge-based industries, e.g. the Megajaya (Putrajaya and Cyberjaya) in the Multimedia Super Corridor (MSC) mega-project, in order to achieve a fully developed nation status as envisaged in Vision 2020. Published literature and data involving Malaysia and international CT are sparse. The subject of CT is generally considered sensitive and there is little publicity about such deals. However, the number of CT transactions cited involving Malaysia is increasing (see Table 1), although generally limited to government procurement. As shown in Table 1, Malaysia has a total of 68 CT deals, or about 1.3% share of the world's countertrade transactions. The main purpose of this paper is to examine the extent, pattern, motivations and characteristics (i.e. size, value, form and products countertraded)

of Malaysia's countertrade transactions, and thus, provide insights and understanding into the issues that drive CT policy and practice in Malaysia. This paper has five main sections: ( 1 ) a general overview of CT; (2) the study's methodology, (3) highlights of Malaysia's CT policy; (4) patterns of Malaysia's CT practice; and (5) conclusion and implications of the study. METHODOLOGY Published government materials on CT in Malaysia as well as general information on CT were sourced and reviewed for the study of Malaysia's original CT policy. Two publications, Countertrade Anyone ? and Countertrade in Government Procurement of the defunct Unit Khas, International Trade Division, Ministry of Trade and Industry, were the main sources for the original CT policy. The Seventh Malaysia Plan, 1996-2000 (SMP, p 296) provided the rationale for the government's focus on offset over its early use of compensation and counterpurchase. The term policy here is taken in its broad context to mean "guidelines" for CT implementation/practice. Statistical data were accumulated through a content analysis of CT activities reported in the Australian Countertrade Association (ACA) Newsletter between September 1987 and August 1996 using continuous three-year periods: September 1987 to August 1990, September 1990 to August 1993, and September 1993 to August 1996. By breaking the nine- year period into three-year periods, the study provides a better indication of the pattern and changes of Malaysia's countertrade practice and experience. The nine-year data included only transactions that were: (1) either completed or for which negotiations had been finalized, or (2) under investigation, and

(3) covered by a Memorandum of Understanding between parties. To reflect the pattern of the CT arrangement, each transaction is described in terms of regions involved (not countries), size of CT deal, CT type and product mix countertraded. A critical analysis of the relationship between actual CT transactions and policy will be made to determine whether practice was informed by policy, and vice versa, a useful insight for CT policy makers and those involved in CT. The World Bank classification of regions is used in this paper, i.e. Developed, Low Income Developing Countries (LID), Middle Income Developing Countries (MID), Organization of Petroleum Exporting Countries (OPEC) and the former Centrally Planned Economies (CPE). TABLE 1 Frequency of Countertrade by Country Groups REGION of CT Year 87-90 AVERAGE N N % N % 676 66.6 297 6.4 272 16.5 N % % % % % Frequency World CT Share of World Trade Share of

90-93 93-96 TOTAL 87-90 90-93 93-96 1989 1992 1995 AVERAGE

Developed 634 68.1 69.6 LID 394 3.4 2.6 MID 202 16.5 19.3

339 68.1 54 4.1 139 17.4

1649 745 613

32.9 20.5 10.5

29.8 13.1 12.0

33.0 5.3 13.5

31.6 14.3 11.8

OPEC

147 151 3.9 4.3 3.8 CPE 546 868 8.1 4.2 6.7 Not Specif 3 TOTAL 1926 100 100 100 Malaysia 16 21 1.8 1.1 1.5

85 4.0 410 6.4 2264 100 31 1.2

383 1824 3 1027 100 68

7.6 28.4 0.1 5217 0.8

6.7 38.3 100 0.9

8.3 39.9 100 3.2

7.4 34.9 100 1.3 -

(United Nations Monthly Statistical Bulletins, August 1990, August 1993 and August 1996 for Jan-Dec 1989, Jan-Dec 1992 and Ja COUNTERTRADE POLICY This section explores the main features of the original countertrade policy in Malaysia, covering its organization, objectives, markets, products and types of countertrade. The literature indicates that Malaysia officially recognized countertrade as a trading arrangement in December 1982. However, formal procedures and guidelines were established only by April 1983. Countertrade was initially used as a reactive strategy to Indonesia's incursions into Malaysia's traditional export lines (Allen, et al.. 1988) and as a "weapon against the protectionist policies of developed importing counties" (Malaysia's Prime Minister Mahathir Mohamad in Banks. 1983). Unit Khas Countertrade in the International Trade Division of the Ministry of Trade and Industry (MTI) was established to study and coordinate countertrade proposals and decide whether these are in Malaysia's interest. Today, Unit Khas Countertrade no longer exists. Countertrade information and proposals will have to be sought from the MTI and the Contracts Division, Ministry of Finance.

While countertrade is not mandatory in Malaysia, the Government has an offset policy outlined in the Seventh Malaysia Plan, 1996-2000 (p 296). Offset is considered a tool for the country's industrial development, "to help obtain the desired transfer of technology and provide local employment." To promote offset, the Government will formulate an action plan to facilitate and steer the implementation of offset programmes. The action plan will provide information on critical technologies, potential companies and funding arrangements. Target groups will be expanded to include more private entities such as PETRONAS, TNB, Malaysia Airlines (MAS), the Heavy Industries Corporation of Malaysia (HICOM) and local multinational corporations; the manufacturing sector, particularly in aerospace and maritime industries, as well as SMIs in the machinery and engineering sub-sectors. Further, the Government will encourage these target groups to use offset programmes in their own procurements and implementation of large-scale projects from their foreign suppliers. Hence, countertrade, particularly an offset offer, is one of the factors considered in tender evaluation, especially for most civil and military procurements. However, a CT offer is not needed for tenders of projects funded by international agencies, e.g. the World Bank and Asian Development Bank. (Allen, et al., 1988). Originally, Malaysia's CT policy was considered to be one of the most flexible among developing countries, e.g. vis-a-vis Indonesia's. Objectives The objectives of Malaysia's original CT policy were the following (MTI, 1987; page 1; Alexandrides and Bowers, 1987):

1. Increase and promotion of exports of both primary commodities and manufactured products 2. Increased access to protected and closed export markets particularly the East European countries 3. Entry to new markets 4. Diversification of exports 5. Development of a wider range of sources for imports 6. Maintenance of market share for traditional exports 7. Increase competitive advantage in highly competitive export markets 8. Improve balance of trade positions with specific countries 9. Save on foreign exchange The government's motivations to countertrade may he classified as marketing driven (objectives 1 - 5), strategic (objectives 5 - 7) and economic (objectives 8 - 9), reflecting the developmental and strategic nature of its involvement in countertrade. Simpson (1995) noted that since many of these objectives have been achieved and export additionality generally has been created, many developing countries are looking to adopting Malaysia's model of countertrade policy. Regions Involved Malaysia opened CT deals to all countries and foreign trade organizations. In its original policy, Malaysia identified the following market clusters as

likely sources of countertrade deals: * Countries awarded with contracts for major government projects * Those with which Malaysia has large trading deficits * Developing countries * East European countries * Oil-producing countries Product Mix Initially, only seven Malaysian products were allowed for countertrade transaction, viz: * Oil * Oil derivatives * Tin * Rubber * Palm oil * Timber * Plywood The list was subsequently extended to include the entire Malaysian production. The following, however, are excluded as CT products mix: tin ore and tin concentrates, crude palm oil, logs and sawn logs, and goods from the free trade zone and licensed manufacturing warehouses (Alexandrides and Bowers, 1987). Tenderers are advised to consult the

government agency concerned prior to submission of lists of products to be countertraded. This varied range of different products that Malaysia can tap for countertrade indicates the rich resources at its disposal in order to achieve its national objectives through CT. Types of Countertrade Initially, the Malaysian government focused on counterpurchase and compensation as the means to achieving its objectives (identified earlier). Malaysia also recognizes three other CT types: barter, buyback and offset. Currently, offset is frequently demanded instead of "invited." Foreign suppliers to Government and public agencies are required to make CT offers when making sales offers. The Government has realized the importance of technology transfer as an important export and industrial development tool (MTI, 1987; SMP, 1986; Alexandrides and Bowers, 1987). COUNTERTRADE PRACTICE This section examines evidence of countertrade transactions of Malaysia using analyses of statistical data covering three continuous three-year periods, 1987-1990, 1990-1993, and 1993-1996. CT practice is described in terms of (1) regions (not countries) involved; (2) product mix countertraded; (3) CT type; and (4) the size of CT deals. By analysing these transactions, indications of the pattern, changes and extent of Malaysia's use of CT could be deduced. The earliest report of Malaysian involvement in countertrade was in 1983, when palm oil was traded with Pakistan and Thailand for rice. Among the government agencies and quasi-government entities

and their partners involved in Malaysia's initial countertrade transactions were Malaysian Railway Administration (with Poland), Kelang Port Authority (with Japan's C Itoh), Guthrie Corp with the Malaysian Fire Brigade (with the UK), Malaysian Overseas Investment Corporation (MOIC) with Sweden, and Malaysian International Trading Corporation (MITCO) with USA, Japan and Germany (Alexandrides and Bowers, 1987). Regions Involved Malaysia's initial CT policy has identified a number of geographic market clusters as likely sources of countertrade deals for major government projects (see preceding section). In practice, Malaysia's involvement in countertrade shown in Table 2 appears to be consistent with its original CT policy, suggesting a planned and proactive strategy. As shown, of the total 68 CT deals, almost 60% involved developed countries, followed by less developed countries (LID), 21.5%, then by the former CPEs, 12.3%, and both middle income countries (MID), and OPEC, 4.6%. It is in the 1993-96 three- year period that Malaysia was able to tap all the regional markets, resulting in increased CT deals. Table 2 not only shows the frequency of Malaysia's CT deals with its country-partners but also its countertrading dynamics, and likely future countertrade deals. Given Malaysia's thrust to be an industrialized country by year 2020, it is likely that its future CT involvement will follow its present pattern, i.e. a further increase in countertrade with developed countries, with LID and CPEs as growth areas but less countertrade with MID and OPEC. TABLE 2

Malaysian Countertrade Flows Year REGION 1987-90 1990-93 (N=20) % 65.5 13.8 3.4 4.6 12.3 100.0 1993-96 (N=29) (N=65) 56.9 21.5 4.6 AVERAGE

(N=16) % % % Developed 62.5 40.0 LID 25.0 30.0 MID 12.5 OPEC - 5.0 6.9 CPE - 25.0 10.3 TOTAL 100.0 TABLE 3

100.0

100.0

Malaysian Countertrade by Product Category Year PRODUCT CATEGORY Foods/Raw Materials Fuels Basic Manufactures Industrial Equipment Services/ Other TOTAL Product Mix As CT transactions generally involve full or partial exchange of products or services for other products and services instead of money, a cross comparison of the various product categories involved in CT deals was undertaken. 1987-90 1990-93 1993-96 AVERAGE (N=35) (N=38) (N=68) (N=141) % % % % 14.3 14.3 8.6 62.9 28.9 5.3 2.6 44.7 18.4 7.4 14.9

- 5.0 1.5 3.5 72.1 62.4 19.1 14.2

100.0 100.0

100.0 00.0

Table 3 shows the product mix countertraded by Malaysia for the three-year continuous periods, 1987- 1996. Over 60% of products countertraded were industrial equipment, with foods/raw materials second, 14.9%, followed closely by services, 14.2%. The other products countertraded were fuels, 5% and basic manufactures, 3.5%. These findings indicate a shift in Malaysia's CT product mix from its initial CT policy, suggesting the underlying structural changes in its economy, from commodities to manufactures with its concomitant drive towards industrialization, hence, the increasing need for industrial goods. Further, a high growth "product" for future Malaysian CT deals will be services. Types of Countertrade As a policy, Malaysia recognizes five types of CT: barter, buyback, counterpurchase (CP), compensation and offset (OF). However, Malaysia has used only three CT forms, as shown in Table 4. Table 4 also shows that offset is the dominant CT type used. This is a shift from counterpurchase (1987- 1990) whose use further dipped in the 1993-1996 period (32.3%). As discussed earlier, the Malaysian government encourages the expansion of offset arrangements as a strategy to diversify, modernize and strengthen Malaysia's industrial base and "to obtain the desired transfer of technology and provide local employment", particularly for purchases of defence products and large commercial aircraft sales (SMP, 1996, p 296). Hence, OF is frequently demanded instead of "invited". The following specific offset deals, cited in the ACA Newsletter of August 1994, reflect on Malaysia's use of offset to boost its industrial development and sophistication, and directly related to the country's visionary 2020 development plan:

* US McDonnell Douglas US$650 million sale of eight F/A-18 jet fighters, included the OF package for training, parts supply, maintenance and indirect OFs related to the aeronautical industry, enabling Malaysia to develop the infrastructure of its aeronautical sector. * South Korea Daewoo US$25 million deal involving 42 armoured vehicles and the OF package included assistance in construction of a diesel powered vehicle factory and know-how transfer for the production of armour plating. * Russia's sale of 18 MIG-29's which included an OF package whereby Malaysia will assist in the construction of palm oil refineries in Russia, and Russia undertaking to manufacture MIG aircraft parts in Malaysia. TABLE 4 Malaysian Involvement with Types of Countertrade Year TYPE % Counterpurchase Buy back Offsets Debt Barter Other TOTAL Size of CT 1987-90 1990-93 1993-96 AVERAGE

(N=16) (N=21) (N=31) (N=68) % % 56.3 43.8 33.3 32.3 67.7 100.0 38.2 60.3 1.5 100.0

61.9 4.8 100.0

100.0

The size of a CT transaction is indicative of the nature, extent and risk involved. It also reflects on the increasing value involved in Malaysian CT deals, shown in Table 5. It shows that over 70% of the transactions are over US$100 million; 14.3%, US$10 million - US$100 million; 9.5% US$1 million US$10 million, and only 4.8% under US$1 million. Acceptance of CT deals even of lower value, i.e. under US$1 million, increases frequency of Malaysian CT. Two recent CT deals illustrate the increasing value and changing pattern of Malaysian CT deals. Kotler, et al. (1996, p 637) reported that in 1994, Malaysia signed an agreement with Moscow to buy fighter planes valued at US$500 million to be paid over five years with US$95 million worth of palm oil. Malaysia has also signed an agreement with Indonesia to exchange its Proton cars for transport planes. Countertrade is thus, much alive in Malaysia, and now even bigger stakes are involved. TABLE 5 Value of Malaysian Countertrade Year AVERAGE SIZE (N=3) (N=5) (N=13) (N=21) % % % % 1987-90 1990-93 1993-96

Under US$1 million - 7.7 4.8 US$1 million - US$10 million - 15.4 9.5 US$10 million - US$100 million 20.0 15.4 14.3 Over US$100 million 100.0 80.0 61.5 71.4 TOTAL 100.0 100.0 100.0 100.0 CONCLUSION AND IMPLICATIONS This study has highlighted the CT policy and

experience of Malaysia using published literature and a content analysis of data for three continuous three-year periods, 1987-1990, 1990-1993 and 1993-1996. The analysis examined the region involved, size of transaction, CT type and product mix countertraded, providing a general indication of the dynamics and direction of Malaysia's CT practice, as well as inform the policy behind such practice. While Malaysia does not have a mandated CT policy, it has an offset policy stated in the Seventh Malaysia Plan. The practice thus, of CT in Malaysia is government-driven, i.e. all the CT deals reported were made by government and quasi-government entities. The statistical data proved that offset has replaced counterpurchase as the dominant CT type used. This dominance of offset also signals a shift from the Eastern Block Economies to developed countries as CT partners. Offset requires additionality, e.g. of advanced technology and expertise which developed countries could offer. Overall, Malaysia crosses country-regional boundaries when countertrading. It is able "to create a trade planning strategy based on the use of CT when it is certain it can gain additionality or an increase in net export earnings" (Simpson, 1995, p 2). With the increasing industrialization of Malaysia, the product mix countertraded has also changed from primary commodities to industrial equipment. In future CT deals, finished manufactured products (e.g. Proton cars) will likely be exchanged for inputs that will further the country's technological (e.g. the US$15 billion Multimedia Super Corridor mega project), and manufacturing developments to propel the country into the Information Age.

Overall findings suggest some congruence between policy and practice of CT in Malaysia. The practice of CT appears not to be encumbered by policy, e.g. a shift in the mix of products countertraded. Instead both policy and practice are realigned to meet the country's aspirations to be a developed economy by year 2020. Countertrade thus, is a tool for development and trade management, not just a response to environmental adversity due to shortage of foreign currency, and inconvertibility of its currency or indebtedness. Increased private sector involvement (e.g. export companies) in future CT deals will have to be looked into by the Government. Privatization as well as availability of potential projects will encourage CT (Allen. et al., 1988). On the part of government, there may be a need to issue a revised CT policy. "This policy among others should formalize the current unofficial practices and make countertrade requirements (e.g. for offset) more equitable among vendors (Alexandrides and Bowers, 1987, p 197). Countertrade is not likely to disappear, as more emerging countries aspire to become developed economies. Countertrade players whether countries or companies, exporters or importers, will require additional knowledge and skills, e.g. understanding the processes involved when negotiating CT deals; and the right attitudes to make CT work to their best interests, thereby optimizing opportunities in international CT transactions. Further research will be needed to determine the processes involved in successful implementation of CT deals. REFERENCES Alexandrides, C and Bowers, B (1987). Countertrade, Practices, Strategies and Practice. Canada: John Wiley & Sons

Allen, T, Lucas, L, Marthet, P and Roche, C (1988). Sales and Distribution Guide to Malaysia. Oxford: Pergamon Press Banks, G (1983). "The economics and politics of countertrade", World Economics, 6, 2 (June), pp 159-82 Barrett, M (1992). "Strategic implications of international countertrade", RMIT Coburg Campus, Faculty of Business working paper series Fletcher, R (1996). "Countertrade and the internationalization of the Australian firm", Ph D Thesis, University of Technology, Sydney Kotler, P, Ang, S H, Leong, S M and Tan, C T (1996). Marketing Management, An Asian Perspective, Singapore: Prentice Hall Khoury, S J (1984). "Countertrade: forms, motives, pitfalls and negotiation requisites". Journal of Business Research, 12. pp 257-270 Llanes, V (1996). "Countertrade in Malaysia: A Preliminary Study" in the Proceedings of the Eighth Biennial World Marketing Congress, 24-27 June, Crown Princess Hotel, Kuala Lumpur, Malaysia, pp 217-220 Llanes, V (1995). "Understanding why firms countertrade in global markets" in the Proceedings of the Pan Pacific Business Conference XII, 29 May-1 June 1995, Dunedin and Queenstown, pp 260-273 Llanes, V and Welsh, R (1995). "Motivations for countertrade: a macro-micro perspective" in the Proceedings of the Academy of International Business, South East Asia Regional Conference (G Tower, editor), Perth, Western Australia, pp 539-44

Marin, D and Schnitzer, M (1994). "Tying trade flows: a theory of countertrade", discussion paper No. 946, Centre for Economic Policy Research, London, pp 1-36 Ministry of Trade and Industry (1987). Countertrade Anyone?/Countertrade in Government Procurement, Unit Khas, International Trade Division, Malaysia (April), 7pp/6pp Okoroafo, S C (1994). "Implementing international countertrade, a dyadic approach", Industrial Marketing Management, 23, pp 229-34 Prime Minister's Department, The Economic Planning Unit (1996). Seventh Malaysia Plan 1996 - 2000, Kuala Lumpur: Percetakan Nasional Malaysia Berhad Schaffer, M (1990). "Countertrade as an export strategy", The Journal of Business Strategy (May-June), pp 33-38 Simpson, J L (1995). "Australian countertrade: problems and prospects", working paper series, School of Economics and Finance and the Economic and Financial Research Unit, Curtin Business School, Curtin University of Technology, Perth, Western Australia, (August). 27 pp Verzariu, P (1985). Countertrade, Barter and Offsets, New York: McGraw-Hill, Inc Wills, J, Jacobs, L and Palia, A (1986). "Countertrade: the Asia Pacific dimension", International Marketing Review, Summer, pp 20-27

Back to MMR Listing by Year Homepage

Malaysian Institute of Management Kuala Lumpur, Petaling Jaya, Pulau Pinang, Johor Bahru, Miri