CPTPP helps raise Malaysia-Canada bilateral trade by 25%
Malaysia has seen a 25% increase in bilateral trade with Canada since 2018, bolstered by the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP), which came into force in Malaysia in November 2022.
Canadian Minister of Export Promotion, International Trade and Economic Development Mary Ng said her country appreciates the results of economic cooperation between the two countries, and believes that Malaysia is a friend and an important trading partner of Canada.
Malaysia-Canada bilateral trade up 25% since 2018. Photo courtesy of Bernama.
As part of Canada's Indo-Pacific Strategy, Ng led a Team Canada Trade Mission (TCTM) delegation to visit Malaysia from March 24 to 26.
Malayia’s Minister of Investment, Trade, and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz said he discussed investment and trade relations with Mary Ng and expressed his wish for Canada to become a greater trade and investment partner, especially in Halal industry, renewable energy, carbon capture, utilisation and storage (CCUS) and other fields.
MITI and other ministries and agencies will make efforts to create favourable conditions for Canadian businesses to invest in Malaysia, Tengku added.
During the visit, the two sides organised many meetings between Malaysian and Canadian businesses. In addition, Mary Ng is scheduled to deliver a speech on empowering women entrepreneurs at Sunway University, and attend the inauguration of BlackBerry's Cyber Security Center of Excellence to strengthen cyber security partnerships in the Indo-Pacific region.
Canada mainly exports wheat, soybeans and potash, a key ingredient in fertilisers from Malaysia while importing large amounts of electrical and electronic products from the Southeast Asian nation
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