Qualampur: The Malaysia Free Trade Agreement (FTA) will promote its exports this year by emphasizing strategic cooperation with partners and new emerging markets.
Investment, Trade and Industry Minister Tengku Datuk Seri Utama Zafarul Tengku Abdul Aziz said that emerging markets focus a significant focus to Malaysia, targeting Africa, Middle East and Latin America with business expansion efforts.
“It is reflected by a significant increase in trade with African countries in 2024, such as Angola (59.3%), Ethiopia (56.4%), Egypt (53.6%), Algeria (27.9%) and Libya (19.7%), “He said today in Malaysia’s business performance 2024 program.
Tengku Zafarul said that Malaysia is also diverse within ASEAN, rapid urbanization cities such as Madan (North Sumatra, Indonesia), Surbaya (East Java, Indonesia), Da Nang (Madhya Vietnam), Hai Fong (North Vietnam) and Cain (southern) Vietnam).
“This diversification strategy will be important for Malaysia to maintain its strong trade performance in the coming years,” he said.
In 2024, Malaysia’s trade reached a historic milestone, reaching a record 9.2% year-on RM2.88 trillion.
Exports increased by 5.7% to RM1.508 trillion, overtaking the second consecutive year exports after RM1.55 trillion in 2022, after RM1.55 trillion, RM1.371 trillion increased by 13.2%, RM136’s trade increased by 13.2% Contributed to the surplus. 88 billion – the highest trade price ever in the history of the country.
Matrad President Datuk Seri Reijal Mericon Naina Mericon blamed the strong trade performance for unwavering support of national leadership and collaborative efforts. “This unprecedented achievement will not be possible without the strong support and commitment of our Prime Minister, Deputy Principal Ministers and our Investment, Trade and Industry Minister.”
Reijal stated that Malaysia is intensifying efforts to take advantage of free trade agreements, such as a comprehensive and progressive agreement for the Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Participation (RCEP).
“These agreements provide preference market access and zero-tariff benefits, making Malaysian products more competitive globally,” he said.
On the approach to 2025 and ASEAN chairmanship, Reijal stated that Malaysia’s trade strategy for 2025 anchors on digital changes, permanent growth and regional integration.
“As a 2025 ASEAN chair, Malaysia aims to place the area as a center for trade and investment by deepening economic cooperation and increasing supply chain flexibility. Agreements under ASEAN such as RCEP and CPTPP play an important role in reducing global trade disruptions and expanding market access to Malaysian businesses, ”he said.
In addition, Miti has announced a plan to lead Malaysia’s participation in Expo Osaka 2025, taking advantage of the platform to attract investment and demonstrate the country’s commitment to stability and technological advancement.
Tengku Zafarul said that the ministry is committed to increasing industrial competition and addressing challenges such as unskilled foreign labor and extremely on income inequalities.
“The cooperation between the government, industry and stakeholders is important to achieve Malaysia’s business aspirations. Together, we will ensure that Malaysia’s trade performance in 2025 becomes a will for our shared vision and collective efforts. Let us move forward with determination and embrace the future with optimism, ”he said.
