Monday, December 20, 2004
Malaysia proposes free trade pact with India
Indo-Asian News Service New Delhi, December 20
Malaysian Prime Minister Datuk Seri Abdullah Ahmad Badawi on Monday underlined the need for strengthening the Indo-Malaysian trade ties through a free trade agreement (FTA) and asked Indian businessmen to suggest a framework to maximise the gains from such an agreement.
Addressing a gathering of Indian and Malaysian businessmen at a meeting organised by FICCI and CII in New Delhi, Badawi said he was keen to know the expectations of the two sides so that mutual aspirations could be reflected in the FTA to make it viable.
He assured the Indian business community that all roadblocks in the way of efficient functioning of free trade would be removed.
"Over the last nine years, there has been a 500 per cent increase in India-Malaysia trade... And our bilateral trade will rise beyond 4.5 billion dollars this year. India's total imports from Malaysia accounted for only 3.4 per cent, while that of Malaysia's were 0.8 per cent. These statistics indicate the large upside potential for both Malaysia and India," he said.
© HT Media Ltd. 2004.