Malaysia and India have always maintained a strong trade relationship. The much-accomplished ties are now being backed by an increasing number of trade agreements. In an exclusive interaction with The Dollar Business, H.E. Dato’ Hidayat Abdul Hamid, High Commissioner of Malaysia to India, discusses the ways and means to further strengthen the economic relationship between the two countries.
TDB: Malaysia and India have always shared strong economic ties. What has been the cornerstone of these ties?
H.E. Dato’ Hidayat Abdul Hamid (HAH): India-Malaysia bilateral trade relations have been developing at a rapid clip. Being amongst the fastest growing nations in the world, India has been an important economic partner for Malaysia. Based on our 2016 records, India was Malaysia’s 7th largest trading partner as well as the 7th largest export destination. In the same year, Malaysia was India’s 11th largest trading partner.
In 2016, India was Malaysia’s largest export destination in the South Asian region, a position it has maintained since 1998. Trade with India accounted for 3.3% of Malaysia’s total global trade in 2016 – amounting to $11.7 billion (RM 48.7 billion), an increase of 4.0% (in RM terms) from 2015. Malaysia and India are also signatories in several bilateral and regional cooperation agreements. The Malaysia-India Comprehensive Economic Cooperation Agreement (MICECA) and ASEAN-India Free Trade Agreement (AIFTA) are two important determinants of our trade relations. Soon, we are likely to have another multilateral pact, the Regional Comprehensive Economic Partnership (RCEP). These engagements are crucial to ensure our relations remain healthy.
TDB: Malaysian PM Najib Razak has been vocal about the need for early conclusion of RCEP talks. How do you see RCEP impacting trade relations?
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