KUALA LUMPUR, March 25 (Bernama) — Malaysia and Canada have shared diplomatic ties for nearly 66 years, and via the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP), bilateral trade rose by 25 per cent.
Malaysia is also Canada’s country coordinator for Asean this year. Malaysia will be the Asean chair in 2025.
Canada’s Export Promotion, International Trade and Economic Development Minister Mary Ng said it is great to see some of the numbers.
“I was looking at (bilateral trade numbers) dating back to 2018. Post-CPTPP, we have seen our trade increase by 25 per cent. Malaysia is Canada’s important friend and trading partner,” she said at the launch of the Team Canada Trade Mission (TCTM) here Monday.
“If you look at the interest of the companies that are here today, we are looking to increase that,” she said during a March 24-26 visit leading a team here as part of Canada’s Indo-Pacific strategy.
Meanwhile, Investment, Trade, and Industry Minister Tengku Zafrul Abdul Aziz, who was present at the launch, said he discussed investment and trade ties with Ng.
“We had a good discussion on many areas in the presence of Malaysian counterparts and ministry agencies. We want to see Canada become a bigger trade and investment partner to Malaysia.
“We have seen a great increase in trade between the two countries, but more can be done in the halal (Industry), renewable energy (sector), especially in the area of hydrogen, carbon capture, utilisation and storage (CCUS), and other areas,” he said.
Additionally, Tengku Zafrul said they also discussed the CPTPP and congratulated Canada as chair of CPTPP this year.
He said the Investment, Trade, and Industry Ministry (MITI), together with other ministries and agencies, is more than happy to facilitate Canada’s existing business interests here.
”Petronas, property companies, and various other companies have invested in Canada. We want to make sure that this two-way relationship can be strengthened further,” he added.
Malaysia is the first Asean destination in the trade mission for several reasons, among them the growing trade and investment potential under the CPTPP and future Canada-Asean free trade agreement.
The TCTM delegation comprises over 140 organisations with more than 250 individuals across sectors comprising primarily small and medium enterprises. Business-to-business meetings were organised during the visit.
Ng will be in a panel discussion on empowering women entrepreneurs at Sunway University and will attend BlackBerry’s Cybersecurity Centre of Excellence grand opening to deepen Canada’s cybersecurity partnerships in the Indo-Pacific. Communications Minister Fahmi Fadzil will also be present.
Canada’s top export to Malaysia is potash, a key ingredient in fertiliser that powers the palm oil industry while Canada imports a large quantity of electrical and electronics. Canada also exports wheat, soybeans and other agricultural commodities while Malaysia is one of Canada’s largest bilateral merchandise trading partners.
CPTPP came into force for Malaysia in November 2022. In the past 15 months, there has been encouraging uptake of the issuance of the Certificate of Origin (CO) by Malaysian businesses for exports to CPTPP partners, including Canada.
— BERNAMA
