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Malaysia, Australia reiterates commitment to boost bilateral trade relations

Malaysia, Australia reiterates commitment to boost bilateral trade relations

29 Jun 2022

Malaysia and Australia has restated their commitment to further elevate robust bilateral and trade relations, following the Comprehensive Strategic Partnership (CSP) entered by both countries in January last year.

The CSP is aimed at charting a path to a more concrete framework in strategic cooperation including in the area of economic prosperity.

Senior Minister and Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali, during a working luncheon with Australia’s Foreign Affairs Minister Penny Wong and her delegation on Wednesday (June 29), reaffirmed Malaysia’s commitment to taking the already vibrant subsisting relations to the next level of collaboration, notably in trade and investment.

In strengthening the Malaysia-Australia supply chain, Malaysia also welcomes knowledge transfer from Australia with regards to supply chain mapping development, framework and governance structure focusing on six industries, namely Personal Protective Equipment, Pharmaceutical, Medical Devices, Food and Beverages, Electrical & Electronics, and Automotive.

The Senior Minister also acknowledged the Australian government’s support and cooperation with food standard, which will facilitate trade and serves the food security agenda of both countries, emphasising that Malaysia will coordinate with related bodies to continue collaboration with Australian authorities.

In addition, the nation welcomes more Australian companies to invest in sectors targeted under the National Investment Aspirations (NIA) in promoting high value, high technology, knowledge, capital, skills-intensive and high-income employment.

“Malaysia and Australia share similar aspirations towards greater regional integration, with a bilateral relationship anchored by the Regional Comprehensive Economic Partnership Agreement (RCEP), the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), as well as the Indo-Pacific Economic Framework for Prosperity (IPEF),” Mohamed Azmin said.

In response, Wong said as one of Malaysia’s most important and strategic trade partners in the Oceania region, Australia looks forward to scaling up the trade and investment relationship to greater heights through various bilateral, regional and multilateral platforms.

Both ministers are also keen to explore opportunities to intensify cooperation on the digital front to advance digital economy development in areas of data innovation, artificial intelligence, trade facilitation, and personal data protection.

Australia was Malaysia’s largest trading partner in the Oceania region in 2021, while on the investment front, Australian companies continued to choose Malaysia as a hub for their global operations and gateway into the global market, with the implemented manufacturing projects worth RM5.67 billion from Australia creating more than 20,000 employment opportunities.

Source: Bernama

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