China-Malaysia's Trade Records 50 Percent Growth in First Seven Months

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Last updated at: (Beijing Time) Tuesday, September 17, 2002

China-Malaysia's Trade Records 50 Percent Growth in First Seven Months

China-Malaysia bilateral trade recorded 50 percent growth in the first seven months this year, said a press release Monday.

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China-Malaysia bilateral trade recorded 50 percent growth in the first seven months this year, said a press release Monday.

The press release was issued at the end of the Sixth China-Malaysia Economic and Trade Commission (JETC) meeting.

The one-day JETC meeting was joint chaired by Chinese Minister of Foreign Trade and Economic Cooperation Shi Guangsheng and Malaysian International Trade and Industry Minister Rafidah Aziz.

The total bilateral trade value from January to July this year stood at 7.4 billion US dollars, making Malaysia China's largest trading partner among the countries of the Association of South East Asian Nations (ASEAN), the release indicated.

The two ministers called on the business community in both countries to work closely to identify business potentials for mutual benefits especially in the area of biotechnology, new materials and aviation, it said.

During the three-hour meeting, both ministers agreed that continued efforts should be placed on expanding two-way trade, investments and economic cooperation, particularly in composition of goods and services traded between both countries, it added.

Among the issues that were discussed in the meeting were bilateral cooperation in customs affairs, promotion of business networking, oil industry, exchange of technology and knowledge as well as in the area of technology applications, according to the release.

Since the first JETC meeting in 1991, bilateral trade grew more than six-fold, from 1.2 billion dollars to 7.6 billion dollars last year in favor of Malaysia. Malaysia's exports to China grew by seven-fold and imports by almost six-fold in the past decade.

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