Malaysia and China have agreed to intensify cooperation in the fields of Economy and Trade, Digital Economy, and Green Economy. The announcement was made today as Malaysia’s Minister of Investment, Trade & Industry (MITI), Tengku Datuk Seri Utama Zafrul Aziz, and China’s Minister of Commerce (MOFCOM), H.E. Wang Wentao, signed three pivotal documents to solidify this collaboration.
The signing ceremony was witnessed by Malaysian Prime Minister Datuk Sri Anwar Ibrahim and Chinese Premier H.E. Li Qiang in Putrajaya.
Five-Year Programme for Economic and Trade Cooperation (2024-2028)
The primary document, the Five-Year Programme for Economic and Trade Cooperation (2024-2028), aims to deepen existing trade and investment ties and explore new areas such as innovation, start-ups, and financial services.
This updated framework builds on the original 2013 agreement, which has significantly boosted bilateral trade, making China Malaysia’s top trading partner since 2009 and a leading source of Foreign Direct Investments.
MoUs on Digital Economy and Green Economy
In addition to the five-year programme, two new Memoranda of Understanding (MoUs) were signed to foster high-quality investments in the digital and green economies.
The MoU on Digital Economy seeks to enhance cooperation in digital infrastructure, smart cities, and integration of advanced technologies like artificial intelligence and 5G in various sectors, including manufacturing, transportation, finance, education, and healthcare.
The MoU on Green Development focuses on clean energy, new energy vehicles, green finance, sustainable infrastructure, and green technology. It also emphasises R&D collaboration through the creation of scientific and technological innovation platforms to accelerate green transformation in both countries.
Single Window Cooperation in Cross-Border Trade
MITI also announced cooperation on establishing a single window system to streamline cross-border trade.
This system aims to simplify trade regulatory processes and enable seamless digital exchange of trade-related information between Malaysian and Chinese customs authorities.
Utilising technologies such as AI and Blockchain, the initiative promises real-time, accurate data exchange, and expanded trade facilitation services for importers and exporters.
Statements from Key Leaders
Tengku Zafrul highlighted the longstanding partnership between Malaysia and China, emphasising the strong trade and investment ties developed over the years. “The signing of these documents underscores our mutual commitment to establishing stable, reliable, and resilient partnerships for business and economic growth,” he said.
He also noted that the single window trade initiative is a strategic move to enhance Malaysia’s trade facilitation capabilities, promising to streamline the movement of goods and reduce administrative burdens. “This will support bilateral trade growth and nurture economic resilience between Malaysia and China,” he added.
The Ministry of Investment, Trade, and Industry (MITI) will collaborate closely with China’s Ministry of Commerce and other stakeholders to ensure the successful implementation of these forward-looking cooperation agreements.
