Business / Economy

Report urges using APEC meeting to enhance trade deal

By Pu Zhendong in Ningbo (China Daily) Updated: 2014-02-28 07:24

"The ultimate aim of APEC is to achieve regional economic cooperation. Malaysia would like APEC to advance the Agreement of Trade Facilitation, a component of the World Trade Organization Bali Package," he said.

Vasudevan was also satisfied with the current Sino-Malaysian economic cooperation within the ASEAN framework, calling it a model partnership.

Report urges using APEC meeting to enhance trade deal

Top 10 trading partners of the Chinese mainland

Ambitious APEC

China is now Malaysia's largest trading partner, and Malaysia is China's biggest trading partner among the 10 ASEAN countries. China-Malaysia trade reached $86 billion in the first 10 months of 2013, nearly a quarter of the total trade between China and ASEAN.

In October, during President Xi Jinping's visit to Malaysia, the two countries signed a five-year program for economic and trade cooperation to expand annual bilateral trade to $160 billion by 2017.

Convenient market access and a shared cultural heritage are the biggest advantages for Chinese enterprises to invest in Malaysia, said Bong Hon Liong, president of the Malaysia-China Chamber of Commerce.

"Almost one-third of the Malaysian population speaks Chinese and celebrates Chinese traditions. Moreover, the development condition of the country is easy for small and medium-sized enterprises in China to adapt to," Bong said.

The organization, established in 1990 by Bong and other Malaysians, aims to strengthen ties between government agencies and business groups of the two countries.

"Malaysia and other ASEAN states, deeply affected by global recession, now pay close attention to China's development," Bong said. "Through communication, we improved understanding and injected a new impetus into our business community about cooperation with China."

The two countries celebrate their 40th anniversary of formal ties this year. The two countries have successively launched sister industrial parks in Qinzhou, the Guangxi Zhuang autonomous region; and Kuantan, a Malaysian coastal city on the South China Sea.