China, Malaysia in agreement to elevate bilateral ties, triple trade
Print Edition
China and Malaysia agreed yesterday to elevate bilateral ties to a “comprehensive strategic partnership,” aiming to boost military cooperation and nearly triple two-way trade to US$160 billion by 2017.
The countries announced plans to boost trade in the next five years, through measures such as supporting industrial parks in each other’s countries.
Both sides said they would collaborate on industrial parks in each other’s countries, explore joint investments, broaden the use of local currencies in trade and hope to work together on rail and university projects.
“We would like to participate and cooperate in promoting the prosperity and stability of the region,” visiting Chinese President Xi Jinping told reporters after talks with Malaysian Prime Minister Najib Razak.
Xi said China wants closer cooperation with Malaysia in areas such as defense, military exchanges, security, law enforcement and combating terrorism and transnational crime.
Razak said he agreed with Xi, who is visiting Malaysia ahead of the Asia-Pacific Economic Cooperation summit in Indonesia, that the countries should have more joint military exercises and visits between the nations.
“We have agreed to strengthen our partnership with naval defence, joint military exercises to combat terrorism and promote security,” Xi told a news conference in the Malaysian administrative capital Putrajaya.
“This will create a sound environment for peace and the prosperity of both countries,” he said.
China is Malaysia’s largest trading partner, with two-way trade last year of US$57 billion. Trade between the countries, which rose at an average annual of 15.7 percent between 2002 and 2012, is set to hit US$70b by the end of this year.
Xi said China was committed to closer cooperation with the 10-member Association of Southeast Asian Nations.
“China will continue to provide firm support to the central role of ASEAN in East Asian cooperation and will be happy to see a greater role played by Malaysia in this region,” Xi said.
Najib said he plans to visit China next year. He said he had “great confidence that under (Xi’s) leadership China will continue to make much progress and become an economic powerhouse and a major force in providing momentum for global economic growth.”
In a later speech to business leaders in Kuala Lumpur, Xi called for closer regional cooperation to ensure sustainable growth and said that “going forward, ASEAN will continue to be the primary choice for China as it opens up its economy.”
He added that China remains “committed to reforms and economic restructuring” to sustain its growth.
Xi is in Bali on Monday and Tuesday for the Asia-Pacific Economic Cooperation summit.
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