As for Malaysia, the ADB and the ADBI (2012) carried out a study that also showed that only 24 percent of the country’s firms exported under FTAs. Despite this, the Ministry of International Trade and Industry of Malaysia (2012) recently reported the increase use of CoO among Malaysian-based firms under different FTA schemes. While in 2009 the total number of CoO issued reached 232,860, equal to about US$ 19.0 billion of total value of trade, a total of 436,094 CoO were issued in 2011, amounting to roughly US$ 32.1 billion of the country’s total trade with the rest of the world. The largest number of CoO issued in 2011 was under the AFTA scheme, with 230,400 CoO, while the CoO under the ASEAN-Australia-New Zealand FTA came under the second place with 47,387 CoO.