India And Malaysia Discuss Bilateral Trade Issues, Aim To Boost Market Access

New Delhi, Mar 19 (KNN) India and Malaysia convened a high-level bilateral meeting in New Delhi on Tuesday, focusing on strengthening trade relations and addressing outstanding issues.

The Union Minister of State for Commerce & Industry and Electronics & Information Technology, Jitin Prasada, met with Liew Chin Tong, Malaysian Deputy Minister of Investment, Trade, and Industry at Vanijya Bhawan.

The meeting was attended by Malaysian diplomats and senior government officials from Malaysia's Ministry of Investment, Trade and Industry, alongside representatives from India's Ministries of Commerce & Industry, Electronics & Information Technology, External Affairs, and the Bureau of Indian Standards.

As the current ASEAN Chair for 2025, Malaysia's role in the ongoing review of the ASEAN India Trade in Goods Agreement (AITIGA) was a key topic of discussion. Both nations agreed to expedite the AITIGA review process with the goal of substantial conclusion by the end of 2025.

The officials also addressed bilateral trade matters, including market access issues, potential collaboration in the semiconductor industry, cooperation in the service sector, and concerns related to the Foreign Manufacturers Certification Scheme (FMCS) of the Bureau of Indian Standard (BIS).

Both sides expressed optimism that the meeting would accelerate the resolution of bilateral trade issues and foster increased trade between the two countries.

Malaysia currently stands as India's third-largest trading partner within ASEAN, with total trade valued at USD 20.02 billion during 2023-24, representing approximately 17 per cent of India's total trade with the ASEAN region.

(KNN Bureau)