Malaysia-Canada economic ties strengthen with 41 pct trade increase

VIENTIANE: Malaysia and Canada are deepening their economic ties, with bilateral trade reaching RM8.05 billion as of August 2024, marking a significant 41 per cent increase year-on-year, according to the Ministry of Investment, Trade and Industry (MITI).

MITI reported that bilateral trade surged by 25 per cent following Canada's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which also facilitates duty-free access for goods, eliminating tariffs on Canada's key exports.

"This growth was driven by a 68.1 per cent surge in Malaysian exports to Canada and a 16.8 per cent rise in imports from Canada, with key sectors such as clean technology, agriculture, and aerospace fostering closer trade relations," the ministry said in a statement to Bernama, here.

Additionally, MITI highlighted that the halal industry presents new opportunities for collaboration between Malaysia and Canada.

The Canadian halal market, valued at 1 billion Canadian dollars (C$1=RM3.12), offers significant potential for Malaysian producers, particularly in food and beverage products.

"With over 1.15 million Muslim residents in Canada, the demand for halal products is rising.

"Malaysia can play a crucial role in meeting this market's needs through strategic cooperation and increased investment in the halal sector, thereby bolstering its position in the global industry," MITI added.

Prime Minister Datuk Seri Anwar Ibrahim met with his Canadian counterpart, Justin Trudeau, on the sidelines of the three-day 44th and 45th ASEAN Summits and Related Summits, which commenced on Wednesday and will conclude today.

Laos, serving as ASEAN Chairman for 2024, will hand over the chairmanship to Malaysia, which is set to assume the role on Jan 1, 2025.

-- BERNAMA

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