After MOUs signing. Wang Wentao, Minister of Commerce of the People’s Republic of China (left) and Tengku Datuk Seri Zafrul Aziz, Malaysia’s Minister of Investment, Trade & Industry (right).
By Tengku Noor Shamsiah Tengku Abdullah
PUTRAJAYA – In a landmark move, Malaysia and China have taken significant strides to bolster their bilateral relations with the signing of three pivotal documents aimed at enhancing cooperation across various sectors.
The ceremony, graced by the presence of Datuk Seri Anwar Ibrahim, Prime Minister of Malaysia, and H.E. Li Qiang, Premier of the People’s Republic of China, marked a new chapter in the economic partnership between the two nations.
The exchange of documents was part of Premier Li’s official visit to Malaysia, commemorating the golden jubilee of diplomatic ties between Malaysia and China.
LI, who is on a three-day official visit arrived on Tuesday (June 18) was given an official welcoming ceremony at Dataran Perdana, here yesterday.
This is his maiden visit to the country since assuming the post in March last year.
At the forefront of this new framework is the Five-Year Programme for Economic and Trade Cooperation (2024-2028), an evolution of the original programme initiated in 2013. This programme has been instrumental in elevating China to the position of Malaysia’s top trading partner since 2009 and a major source of Foreign Direct Investments.
The updated Five-Year Programme aims to deepen existing cooperation in trade, investment, manufacturing, agriculture, infrastructure, digital economy, logistics, and SMEs development. It also seeks to foster new collaborative efforts in innovation, start-ups, and financial services, inviting participation from businesses worldwide, as well as international organizations and financial institutions.
In addition to the Five-Year Programme, two Memoranda of Understanding (MoUs) focusing on the Digital Economy and Green Economy were signed. These MoUs are set to catalyze high-quality investment flows in burgeoning sectors.
The Digital Economy MoU will explore cooperation in digital infrastructure, smart cities, and the integration of AI and 5G technology across various industries. Meanwhile, the Green Economy MoU will delve into clean energy, new energy vehicles, green finance, sustainable infrastructure, and green technology, including R&D initiatives for scientific and technological innovation platforms.
Tengku Datuk Seri Zafrul Aziz, Malaysia’s Minister of Investment, Trade & Industry, expressed the significance of these agreements: “Malaysia and the People’s Republic of China are longstanding partners, bound by a rich shared history of cooperation that has successfully translated into strong trade and investment ties.
The signing of the three documents on Economy and Trade, Digital Economy and Green Economy underscore our mutual commitment to establish stable, reliable and resilient partnerships for our businesses and economy to grow.”
Another groundbreaking development is the establishment of a single window system to facilitate cross-border trade. This initiative aims to streamline trade regulatory processes and simplify documentation, enabling seamless digital exchange of trade-related information between the customs authorities of both countries.
Advanced technologies like AI and Blockchain will be employed to ensure real-time, accurate data exchange, expanding trade facilitation services for importers and exporters.
“The single window trade initiative between Malaysia and China is a strategic step towards enhancing Malaysia’s trade facilitation capabilities and is expected to significantly expedite and streamline the movement of goods, while reducing the administrative burden for businesses,” said Tengku Zafrul.
He emphasized MITI’s commitment to working closely with China’s Ministry of Commerce and other stakeholders to realize the full potential of these forward-looking cooperation arrangements.
As Malaysia and China embark on this ambitious journey, the agreements signed today promise to pave the way for a future of shared prosperity and economic resilience, reinforcing the bonds of friendship and collaboration that have stood the test of time.
- TNS NEWS