M’sia-China target US$160b in bilateral trade by 2017

BEIJING: The strong Malaysia-China relations, established 40 years ago, are expected to boost bilateral trade to US$160 billion (RM535 billion) by 2017 from US$400 billion now.
Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed, said this was the first estimate made by the Special Monitoring Committee set up on Nov 4 comprising agencies under the ministry with the aim to coordinate and monitor economic activities with China.
The committee, which aimed to strengthen Malaysia-China trade, was announced by Prime Minister Datuk Seri Najib Razak at the celebration of the 40th anniversary of the Kuala Lumpur-Beijing ties in May.
Mustapa said the committee, which would be a one-stop platform to monitor bilateral trade activities, would be chaired by the prime minister and coordinated by the ministry.
"The meeting to set up the committee in Kuala Lumpur last Tuesday was chaired by me. The Prime Minister's Special Envoy to China, Tan Sri Ong Ka Ting is the deputy chairman," he told reporters.
He said Malaysia's plan on coordinating and monitoring trade ties with China would be unveiled when the prime minister chaired the first meeting. "We will try to get the prime minister to chair the meeting next year. When he was here (on the occasion of the 40th anniversary), he decided he would chair the meeting, monitor the platforms concerning China-Malaysia ties covering economy, finance, tourism and others," he said.
Mustapa is here for the Apec Ministers Meeting in conjunction with Asia-Pacific Economic Cooperation meeting 2014.
He said besides his ministry, other agencies included Malaysian Investment Development Authority, Malaysia External Trade Development Corp and East Coast Economic Region.
Mustapa added that the Ministry of Tourism and Culture, Ministry of Agriculture and Agro-based Industry, Malaysia-China Kuantan Industrial Park and state governments would also be involved.
"The committee will also be a comprehensive and strategic forum for bilateral trade as what the prime minister aspired," he said.
The efforts showed the importance of ties with China to Malaysia, he said.
Meanwhile, the prime minister is expected to arrive here today to lead a delegation for the 22nd Apec Economic Leaders Meeting starting tomorrow. – Bernama