Bilateral trade between Malaysia-US and EU increase despite pandemic

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KUALA LUMPUR OKT.20: Despite the challenges faced by the country due to COVID-19 pandemic there was an improvement in trade performance with the United States (US) recorded between January and July this year at RM121.01 billion (27.1 per cent increase) and RM79.94 billion (26.66 per cent increase) with the European Union (EU) compared with the same period last year.

Deputy Foreign Minister, Datuk Kamaruddin Jaffar said, the US and EU are Malaysia’s third and fourth largest partners respectively after China and Singapore.

He said, bilateral trade between Malaysia and the United States (US) has recorded RM165.22 billion (USD39.17 billion) and RM159.35 billion (USD38.48 billion) for the European Union in 2019.

“The focus will be given to strategic and high-impact industries including tourism, electric and electronic (E&E), global services, aerospace, creative industry, halal industry, biomass and smart agriculture in line with the recently announced 12th Malaysia Plan (12MP),” Kamaruddin said at the Dewan Negara to a question from Senator Datuk Zaiedi Suhaili.

Kamaruddin added, among the steps taken by the government to strengthen strategic cooperation and economy with the EU were Malaysia-EU Framework Agreement on Partnership and Cooperation (MEUPCA), Malaysia EU Free Trade Agreement (MEUFTA), improve air and trade connectivity between ASEAN countries and EU, promoting Malaysia as a strategic investment and tourism location through Asia-Europe Meeting (ASEM) and the proposed reciprocal COVID-19 vaccine digital certification between Malaysia and the EU.

Meanwhile, in strengthening Malaysia-US’s comprehensive cooperation Kamaruddin said, among the steps to be taken by the government are inviting more US companies to move their operations to Malaysia, expanding collaborations in new fields such as the production and distribution of COVID-19 vaccine; renewable energy, green economy, digital commerce, cyber-security, health tourism, robotics, aerospace and sustainable development.

At the ASEAN level, he said, the government was also exploring cooperation in digital technology with the US. – Malaysia World News


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