Malaysia, India to sign pact to boost economic ties

Malaysia and India are expected to sign the Comprehensive Economic Cooperation Agreement ( CECA )) next month to enhance trade and economic activities between the two countries as well as explore new areas of cooperation, a Malaysian minister has said.

The formal signing will take place in Malaysia, Second Finance Minister Ahmad Husni Mohamad Hanadzlah said. 

The agreement will strengthen Malaysia's economic activities with India, The Star quoted him as saying Monday. 

This development comes after Prime Minister Najib Tun Razak visited India in January last year, followed by his counterpart Manmohan Singh visiting Malaysia last October. 

"We want to strengthen our relationship with emerging world economic powers," Husni said at a function here Sunday. 

The pact between the two countries is expected to be launched July 1 and will lead to a trade target of $15 billion (RM47 billion) by 2015. 

"With the comprehensive agreement, new avenues of trade and economic cooperation could be explored and this will open up a wider scope and coverage than the Free-Trade Agreement (FTA) which focuses on goods, services and investments," said Husni. 

He pointed out that India was also engaging with countries in the Gulf and Asia Oceania (Australia and New Zealand).

 

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