Malaysia To Emphasise Intra-ASEAN Trade As The Way Forward - MITI

By Kenny Teng Khoon Hock

BANGKOK, Aug 15 (Bernama) -- Malaysia will emphasise inter-ASEAN trade as the way forward for the Southeast Asian region, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz.

He said Malaysia is an open economy country and is receptive to trade and investment, much like other ASEAN countries.

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"Currently, the trade between ASEAN countries is about 23-25 per cent, so there is an opportunity to increase the trade volume, especially when Malaysia takes over the chairmanship in 2025," Tengku Zafrul told Bernama here, Thursday.

Earlier, the Minister chaired a roundtable meeting with captains of Industry including representatives from PTT Public Company Limited (PCL), CP Axtra PCL and BASF (Thai) Ltd.

Tengku Zafrul is leading a three-day trade mission by the Ministry of Investment, Trade and Industry (MITI) to Thailand's capital which also included Malaysia External Trade Development Corporation (MATRADE) deputy chief executive officer (CEO) Abu Bakar Yusof; Malaysian Investment Development Authority (MIDA) deputy CEO Zalina Zainol; and Senior Director ASEAN Economic Integration Division, MITI, Dr S. Sugumari.

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Tengku Zafrul said both Malaysia and Thailand has benefitted significantly from their membership in ASEAN, which promotes regional economic integration by reducing tariffs and harmonising trade regulations. 

He added that the ongoing Malaysia-Thailand bilateral initiatives are aimed at enhancing border trade, expand digital economy partnerships, and strengthen cooperation in key sectors such as agriculture and rubber.

"Malaysia welcomes and strongly encourages the private sector and industry players to support the initiatives by fostering cooperation and leveraging each other's strengths for expansion beyond ASEAN, to the global market," he said.

Economically, he said Malaysia and Thailand have complementary industries, with Malaysia's strengths in the electrical and electronics, petroleum, and palm oil sectors, which align well with Thailand's robust automotive, machinery, and agricultural sectors.

This economic synergy enhances the depth and breadth of bilateral trade between the two nations, he added.

For the record, the total trade between Malaysia and Thailand from January to June 2024 amounted to US$11.94 billion (US$1=RM4.43), down 6.2 per cent from US$12.74 billion in the same period in 2023.

-- BERNAMA