M'sia-India bilateral trade expected to improve with CECA

PUTRAJAYA, Feb 18 (Bernama) -- Malaysia-India bilateral trade is expected to be much better this year compared to previously with the conclusion of the Comprehensive Economic Cooperation Agreement (CECA), says Indian Minister of Commerce and Industry, Anand Sharma.

The optimism is based on India's experience with Korea, having signed a similar agreement with that country in 2009.

Speaking to reporters at the signing ceremony of the CECA here Friday, Sharma said, bilateral trade between the two countries had risen by 40 per cent within a year despite a difficult economic backdrop.

"We (Malaysia and India) already have concrete trade relations.So, with this CECA signing and implementation, I can say with optimism that 2011 will be much better than 2010," he added.

Malaysia and India have set a bilateral trade target of US$15 billion by 2015, with the agreement scheduled to be implemented from July 1.

The CECA inked, is a free trade agreement which covers trade in goods and services and investment, as well as economic cooperation.

Sharma represented India at the signing and Malaysia by International Trade and Industry Minister, Mustapa Mohamed.

The signing was witnessed by Prime Minister Najib Razak.

Two-way trade between Malaysia and India last year stood at about US$9 billion, an increase of about 17 per cent, compared to 2009.