MALAYSIAN ENVOY TELLS INDIA TO LEVERAGE ON TRADE PACTS

NEW DELHI, May 27 (Bernama) -– Malaysia's High Commissioner to India Tan Seng Sung Friday called on the Indian business community to "seize opportunities" from trade deals between both nations to enhance trade.

After intense and lengthy talks, India and the 10-member Southeast Asian members hammered out the crucial ASEAN-India Free Trade Agreement (AIFTA) covering trade-in-goods that came into effect in January last year.

Later, Malaysian and Indian trade officials carved out the Comprehensive Economic Cooperation Agreement (MICECA), expected to be in force this July.

"These two agreements offer great opportunities to business sectors not only in the areas of trade in goods, but also trade in services, investment, technical cooperation and collaboration in various sectors.

"I would like to urge the business community from both countries to seize opportunities provided following the implementation of these agreements," Tan told a galaxy of top Indian exporters.

Speaking at the Federation of Indian Export Organisations (FIEO), in Delhi, Tan described Malaysia's trade with India, Asia's third largest economy, as being on a healthy track.

Trade volume between both traditional partners rose by 16.4 per cent to reach US$8.9 billion (RM26.7 billion) in 2010, in contrast to US$7 billion (RM21 billion) in 2009.

"Malaysia and India are two contrasting economies but I believe we have comparative advantages that can benefit the other. Trade between our countries is increasing significantly," added Tan.

The talk, themed, "Interact Session on Doing Business With Malaysia" was initiated by the Ministry of International Trade and Industry's (MITI) office in Delhi.