PUTRAJAYA: A total of 14 Memoranda of Understandings, Agreements (MoUs/MoAs), protocols and joint statements involving 9 ministries have been exchanged between Malaysia and China, witnessed Prime Minister Datuk Seri Anwar Ibrahim and China Premier Li Qiang.
The documents were exchanged during Li’s official visit to Malaysia, marking his first visit to the country as premier, in conjunction with the 50th anniversary of diplomatic relations between Malaysia and China.
The 9 ministries involved are the Ministry of Investment, Trade and Industry (MITI); Finance (MOF); Agriculture and Food Security; Housing and Local Development; Home Affairs; Science, Technology and Innovation (MOSTI); Higher Education (MOHE); Tourism, Arts and Culture; as well as Communications.
Apart from the MoUs, Malaysia and China also inked the second cycle of the Malaysia-China 5-year programme for economic and trade cooperation to deepen further linkages between industries in priority sectors like high-level manufacturing and digital economy.
The programme, which will from 2024 to 2028, aims to deepen cooperation in robotics, entrepreneur development, innovation and startup, along with research and development in agriculture and primary industries.
According to MITI, the second cycle will also focus on existing areas such as trade and investment, manufacturing, the digital economy, logistics and the development of small and medium enterprises.
On this, MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz and China’s Minister of Commerce Wang Wentao signed and exchanged 3 key documents – the first document related to the initial Malaysia-China 5-Year Programme for Economic and Trade Cooperation, while the other 2 were new MoUs aimed at increasing high-quality investment in the digital and green economies.
More specifically, both countries aim to explore cooperation in digital infrastructure, including communication networks, smart infrastructure and smart cities, enabled by technologies such as AI and 5G connectivity in sectors like manufacturing, transportation, business, finance, education and healthcare.
The MoU on green development seeks to explore cooperation in clean energy, new energy vehicles, green finance, sustainable infrastructure construction and green technology. This includes research and development (R&D) and the establishment of scientific and technological innovation platforms to accelerate the green transformation journey of both countries.
MITI also welcomes the Malaysia-China cooperation on establishing a single window system to facilitate cross-border trade by streamlining trade regulatory processes and simplifying documentation.
The system will enable the seamless digital exchange of trade-related information between customs authorities in both countries, which would utilize leading-edge technologies including AI and blockchain to ensure real-time and accurate exchange of data.
“The single window trade initiative is a strategic step towards enhancing Malaysia’s trade facilitation capabilities and is expected to significantly expedite the movement of goods while reducing the administrative burden for businesses.
“This will not only support bilateral trade growth, but also nurture economic resilience between the two countries,” Tengku Zafrul said.
China has been Malaysia’s largest trading partner for 15 consecutive years since 2009. Last year, total trade with China was valued at RM450.84 billion (US$98.80 billion), contributing 17.1% of Malaysia’s global trade.
