Malaysia and Australia strengthen economic ties through four key frameworks

From Azrina Aziz

CANBERRA, March 7 (Bernama) — As parties to the Four Economic Frameworks, including the Regional Comprehensive Economic Partnership (RCEP), economic ties between Malaysia and Australia will further strengthen, said Datuk Seri.・Prime Minister Anwar Ibrahim said today.

He said the economic relationship between Australia and Malaysia had become increasingly strong in recent years, based on mutual geo-economic interests and the pursuit of regional prosperity.

“Last year, our trade volume reached approximately A$27 billion (RM83.7 billion), solidifying Malaysia’s position as Australia’s second-largest ASEAN trading partner. is Australia’s 10th largest trading partner,” he said at the 2024 Gareth Evans Lecture, “Navigating Geopolitical Trends: Malaysia and Australia in the Asia-Pacific,” delivered at the Australian National University (ANU) here today. In a lecture titled “A Vital Important Role.”

Anwar, who is also finance minister, said that commodities such as hydrocarbons, coal, palm oil and refined copper constitute a significant part of bilateral trade, highlighting the trade component of geopolitical interests in Asia-Pacific. said.

“Malaysia and Australia are parties to four economic frameworks, including RCEP, the world’s largest free trade agreement (FTA), and the Indo-Pacific Economic Framework. These foster trade and investment across this dynamic region. It shows our common interest.

“We also acknowledge the trade-focused elements of Australia’s recent Southeast Asia Economic Strategy (SEAS), which recognizes the need to deepen such cooperation between Australia and ASEAN amidst heightened geopolitical uncertainty. I am encouraged by this,” he said at a public lecture he attended. Over 500 students.

Nationally, Malaysia is well on its way, with the New Industries Master Plan 2030 and the MADANI Economic Framework outlining similar priority areas alongside SEAS.

Mr Anwar said Australia’s investment in digitalization, renewables and energy transition, agro-processing, and downstream areas in the chemicals and minerals sector will grow in the coming years, as Malaysia looks to transition into a complex, developed economy. He noted that this will create new opportunities for investors. .

“A recent feature of the bilateral relationship, previously classified as a strategic partnership, is its elevation to a comprehensive strategic partnership, which means that cooperation spans multiple sectors, often in the traditional economic, It reaffirms our strong bilateral relationship that goes beyond diplomatic, security and cultural ties. ”

More importantly, the Prime Minister said, it also underlined the region’s common aspirations and the intention to cooperate strategically at the multilateral level.

Attendees at the public lecture included Australian Foreign Minister Penny Wong, Vice-Chancellor (Academic) Professor Grady Benville and Professor Gareth Evans.

The Prime Minister arrived in Canberra from Melbourne earlier today as part of a series of official visits to Australia at the invitation of Australian Prime Minister Anthony Albanese.

The special plane carrying Mr Anwar and his wife, Datuk Seri Dr Wan Azizah Wan Ismail, landed at Canberra Airport at around 12:32pm local time (9:32am Malaysian time) and arrived at the airport. I made a one-day official visit.

In addition to his speech, he will pay a courtesy call to Australian Governor-General David Hurley at Government House, Malaysia, before departing for Malaysia tonight.

Australia is a close and important partner of Malaysia, and the two countries have deep cooperation in a variety of areas including education, trade and investment, defence, cybersecurity, science and technology.

Bilateral trade between Malaysia and Australia reached US$18.57 billion (RM84.64 billion) in 2023, solidifying Australia’s position as Malaysia’s 10th largest trading partner.

As of December last year, Australia had approved investments in Malaysia involving 582 projects, and investments involving 366 projects had been realized.

In Melbourne, he led the Malaysian delegation to the 2nd Malaysia-Australia Annual Summit (ALM) held on March 4th and the He attended the ASEAN-Australia Special Summit held to commemorate the 50th anniversary of the founding of the country. Anniversary of the establishment of ASEAN-Australia dialogue relations.

— Bernama

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