KUALA LUMPUR: Malaysia's ties with strategic partners such as the United States (US) and European Union (EU) have continued to strengthen despite the challenges due to the COVID-19 pandemic, the Dewan Negara was told today.
Deputy Foreign Minister Datuk Kamarudin Jaffar said bilateral trade between Malaysia and the US increased by 27.1 per cent year-on-year (y-o-y) to RM121.01 billion, while trade with the EU expanded by 26.66 per cent y-o-y to RM79.94 billion from January to July this year.
"The US and the EU are Malaysia's third and fourth largest trading partners, respectively, after China and Singapore.
"In 2019, the value of bilateral trade between Malaysia and the US stood at RM165.22 billion, while bilateral trade with the EU was valued at RM159.35 billion," he said during a question and answer session in the Dewan Negara today.
He said this in reply to a question from Senator Datuk Zaiedi Suhaili who wanted to know the outlook on the strategic and economic cooperation with the European economic bloc and the US.
To strengthen the Malaysia-US Comprehensive Partnership, he said the ministry will increase cooperation in areas such as vaccine production and distribution (including COVID-19 vaccines), renewable energy, green economy, digital commerce, cybersecurity, health tourism, robotics, aerospace and sustainable development.
Other measures include inviting more US companies to relocate their business operations to Malaysia and exploring cooperation in the field of digital technology with the country at the ASEAN level.
At the same time, efforts have also been made to strengthen the strategic and economic cooperation with the EU, including the signing of a Framework Agreement on Partnership and Cooperation, and the government is also contemplating the resumption of negotiations on the Malaysia-EU Free Trade Agreement, said Kamarudin.
"We will also enhance air and trade connectivity between the two regions, ASEAN and the EU.
"The measures also include promoting Malaysia as a strategic location for investment and tourism under the regional cooperation relationship at the ASEM (Asia-Europe Meeting) level and to propose the recognition of the COVID-19 reciprocal Vaccination Certificate between Malaysia and the EU," he said.
He added that the government remained committed to further strengthening Malaysia's cooperative ties with the aforementioned countries, led by ministries such as the Ministry of International Trade and Industry (MITI) and the Ministry of Tourism, Arts and Culture (MOTAC).
"This is to ensure that the value of trade between Malaysia and the EU and the US as well as tourist arrivals from both countries continue to increase despite the ongoing COVID-19 crisis and the challenging economic situation," he said.
To this end, Kamarudin said Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali has embarked on a trade and investment mission involving three European countries, namely, Germany, France and the United Kingdom, which ends on Oct 22.
-- BERNAMA
Bernama
Wed Oct 20 2021
Bilateral trade between M'sia and the US increased by 27.1 per cent year-on-year (y-o-y) to RM121.01 bln, while trade with the EU expanded by 26.66 per cent y-o-y to RM79.94 billion from January to July this year, Kamaruddin said. - BERNAMA/Filepic
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.
Bursa Malaysia ends higher on Budget 2025 optimism
The benchmark index, which opened 1.85 points higher at 1,643.29, moved between 1,641.71 and 1,649.31 throughout the trading session.
Five important aspects relating to people’s lives in Budget 2025 - PM
The focus is on driving the MADANI Economy, speeding reforms, cutting red tape, raising wages, and tackling the cost of living.