Malaysia-China economic ties have continued to strengthen, with bilateral trade reaching nearly US$98 billion (about RM440 billion) in the 11 months of this year, matching the total trade volume for the whole of 2023.
Investment, trade and industry minister Tengku Zafrul Aziz said the 6.9% year-on-year growth presents opportunities for further advancement in the future.
In his speech at the Malaysia-China Summit 2024 reception dinner, Tengku Zafrul said the foundation for the Malaysia-China 50-year partnership was laid well before 1974.
“In 1971, reciprocal trade missions between Malaysia and China led to, among others, the export of 40,000 tonnes of Malaysian rubber for the Chinese market.
“In that same year, the total bilateral trade for Malaysia-China was a mere US$27.8 million. We established diplomatic relations with China three years later,” he said.
Investment-wise, from 1980 to June 2024, a total of 531 manufacturing projects with participation from China have been implemented, with investments valued at almost RM80 billion, creating over 88,800 jobs.
“I must also highlight that Malaysia’s regard of China as a valuable partner went beyond bilateral ties at multiple critical junctures.
“Since the Belt & Road Initiative (BRI) was officially launched in 2013, Malaysia has been one of its earliest and most supportive partners. During the China International Import Expo last month, both countries also exchanged additional documents for the BRI Cooperation Plan,” Tengku Zafrul said.
The minister said after Asean was initiated in 1967, Malaysia gradually brought China into the regional fold in the early 1990s, which also saw the kickstart of the China-Asean Dialogue.
“We then played an instrumental role in initiating the Asean Plus Three in 1997 and the East Asia Summit in 2005.
“One milestone moment in the Asean-China journey was the signing of the Asean-China Free Trade Area (ACFTA), Asean’s first free trade agreement (FTA) with external parties in 2002,” said Tengku Zafrul.
This led not only to significant tariff reductions and increased trade flows but also enabled China to officially become Asean’s largest trading partner seven years later, surpassing the US and the European Union.
“It is not my intention to delve too much into history. I just want to provide the background to not only Malaysia-China relations but also the role Malaysia played in initiating and cementing Asean’s relations with China,” he said.
Tengku Zafrul emphasised that it is important for the China-Asean family to live in harmony in shaping their future roles in the new world order, particularly in an increasingly multi-polar world.
He said as the 2025 Asean chair, Malaysia intends to play its role in forging a better future for the grouping and beyond.
“We stand ready to champion regional cooperation, enhance regional economic integration, as well as foster sustainable and inclusive growth. This is very much in line with our chosen theme: inclusivity and sustainability,” Tengku Zafrul said.
The reception dinner, also attended by deputy prime minister Fadillah Yusof, was held in conjunction with the two-day Malaysia-China Summit 2024, which began on Dec 17.
Source: Free Malaysia Today
