Malaysia wants stronger trade ties with India

Malaysia on Wednesday said it wants to complete talks this year for a separate trade-opening pact with India, in addition to liberalising commerce through the Indo-ASEAN Free Trade Agreement, operationalised this month.

"I would like to conclude the Malaysia-India Comprehensive Economic Cooperation Agreement (CECA) by the end of this year, if possible," Malaysian Prime Minister Mohd Najib Tun Abdul Razak said at a meeting organised jointly by Assocham, FICCI and CII. Razak said he would propose this in his meeting with Prime Minister Manmohan Singh as well. "I would propose...when I meet my counterpart that the the CECA is vital for us."

He would like Singh visiting his country to sign the agreement. Razak said the market-opening CECA would spur economic growth for both the nations. With bilateral commerce exceeding $10.5 billion in 2008-09, Malaysia is India's second largest trading partner (after Singapore) among the 10-nation Association of Southeast Asian Nations (ASEAN).

"On our part, we will do all that is necessary to fast track negotiations for this purpose," he said. Razak also sought fast-tracking of negotiations to conclude India-ASEAN FTA on services and investment.