KUALA LUMPUR: Malaysia, Indonesia and Thailand today reaffirmed their collective commitment to advancing integrated subregional trade and production networks by streamlining trade facilitation and boosting investment across the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT).
One of the commitment was the signing of the Framework of Cooperation (FoC) in Customs, Immigration and Quarantine Procedures (CIQ), marking a key step towards facilitating cross-border movement of goods and people in the subregion.
“We reaffirm the commitment to advancing integrated subregional trade and production networks by streamlining trade facilitation and promoting investment.
“We welcome the signing of the FoC in CIQ and look forward to its implementation to facilitate cross-border movement of goods and people in the subregion,” according to a joint statement released after the 16th IMT-GT Summit, here today.
Chaired by Prime Minister Datuk Seri Anwar Ibrahim, the summit emphasised the importance of strengthening collaboration between the IMT-GT Working Group on Trade and Investment Facilitation (WGTI), private sector players and local governments.
Earlier, the framework was signed by Indonesia’s Coordinating Minister for Economic Affairs Airlangga Hartarto, Malaysia’s Minister of Economy Datuk Seri Rafizi Ramli and Thailand’s Deputy Minister of Finance Julapun Amornvivat, at the same venue, today.
According to the statement, the significant growth in subregional trade, which increased from US$367.9 billion in 2019 to US$659.7 billion in 2023, demonstrated the robust and dynamic economic activity within the subregion.
“Similarly, total investment saw a substantial rise, growing from US$25.1 billion to US$48.1 billion over the same period, surpassing pre-pandemic figures.
“This progress reflects the resilience of the subregional economy, validating our strong commitment in advancing economic recovery through cooperation,” it said.
Also present at the summit were Thai Prime Minister Paetongtarn Shinawatra, ASEAN secretary-general Dr Kao Kim Hourn, Asian Development Bank president Masato Kanda, as well as Hararto and Rafizi, who took part in the signing ceremony earlier.
