Malaysia and Bangladesh agree to fast-track a free trade agreement and expand cooperation in energy, halal, semiconductors and AI
PUTRAJAYA: Malaysia and Bangladesh have agreed to strengthen bilateral economic relations through a fast-track free trade agreement (FTA) and enhanced cooperation in key growth sectors, including energy and the halal industry.
Prime Minister Datuk Seri Anwar Ibrahim said both countries had discussed the need to cement bilateral relations through a fast-track FTA and a comprehensive partnership covering various sectors beyond trade and investment.
He said while trade and investment remain pivotal, cooperation should also extend to research, science and technology, including semiconductors and artificial intelligence (AI).
“We have to enhance bilateral relations and take up this challenge to cement our relationship through a fast-track FTA, through an enhanced and comprehensive partnership in all fields, not limited only to trade and investment, although that remains pivotal,” he said during a joint press conference with Bangladesh Prime Minister Tarique Rahman.
Anwar noted that trade between the two countries had enormous potential, adding that both sides should work towards enhancing bilateral trade and investment.
He said discussions also covered cooperation in new growth areas, including semiconductors, the digital economy, energy and advanced manufacturing.
The Prime Minister said meetings had also been arranged with relevant authorities on matters involving Petroliam Nasional Bhd (Petronas) and Bangladesh Oil, Gas and Mineral Corporation (Petrobangla), particularly in relation to liquefied natural gas (LNG).
“We have arranged meetings with relevant authorities on other related issues involving Petronas and Petrobangla, on LNG, on the halal industry and collaboration in education, culture and tourism,” he said.
Anwar said the halal industry was also among the areas identified for further collaboration between Malaysia and Bangladesh.
The Bangladesh Prime Minister also expressed his support for strengthening economic ties with Malaysia, including through negotiations on the Bangladesh-Malaysia FTA.
“We also welcome the growth of bilateral trade and agree to move forward with negotiations on the FTA,” he said.
Tarique also invited Malaysian businesses to explore opportunities in Bangladesh, saying the country was building a business-friendly environment and creating new opportunities for investors.
Bangladesh’s Prime Minister is on a two-day official visit to Malaysia from June 21 to 22.
Following the visit, both leaders also witnessed the exchange of a memorandum of understanding (MoU) on cultural cooperation, as well as two exchanges of notes (EoNs) on counter-terrorism research and investment promotion and facilitation.
