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India and Malaysia have sought timely completion of the ongoing review of the India-ASEAN free trade agreement (FTA) and fast-tracking of the review of the the Comprehensive Economic Cooperation Agreement (CECA), while enhancing cooperation in new technology such as semiconductors, fintech, defence industry, AI and quantum, Prime Minister Narendra Modi has said.
Modi and his Malaysian counterpart Anwar bin Ibrahim, on Tuesday, held broad-based discussions ranging from economy to culture, and have decided to promote the countries’ relationship from that of bilateral partnership to one of a Comprehensive Strategic Partnership.
UPI, Paynet connect
The two countries entered nine MoUs in digital technologies, tourism, employment and repatriation of workers and traditional medicine, following a meeting between the two leaders, per the Ministry of External Affairs.
“Today, we discussed all areas of mutual cooperation extensively….We have emphasised on stepping up the review of the CECA between India and Malaysia. It has been decided to establish a Digital Council and create a Start-up Alliance for cooperation in digital technology. Work will also be done on connecting India’s UPI and Malaysia’s Paynet,” Modi said in a press statement following his meeting with Ibrahim.
PM Modi pointed out that bilateral trade was making steady progress and trade could now be settled in Indian rupee (INR) and Malaysian Ringgits (MYR). “Last year, n investment worth $5 billion from Malaysia to India has been worked on,” Modi said.
Trade pacts
Ibrahim said the two countries will reinvigorate this working relation in all fields. “We discuss as true brothers on all issues, sensitive or otherwise, because this is the true meaning of friendship. We have established an understanding of a number of issues, and the Prime Minister kindly mentioned some of them. But I have said, as we have said in the meetings, we will extend this,” Ibrahim said.
India and Malaysia are part of two free trade pacts – the India-ASEAN FTA (Malaysia is one of the ten ASEAN countries that are signatories to the agreement) and the India-Malaysia CECA.
Both pacts are now under review, with India seeking better terms to reduce its trade deficit with Malaysia as well as the ASEAN bloc.
“Malaysia is an important partner of India in ASEAN and the Indo-Pacific region. India gives priority to ASEAN centrality. We agree that the review of the FTA between India and ASEAN should be completed in a timely manner. India will extend full support to Malaysia’s successful ASEAN Chairmanship in 2025,” Modi said.
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