Malaysia, UK sign MoU on trade cooperation

17:46, November 10, 2010      

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The Malaysian External Trade Development Corporation (MATRADE) has signed a memorandum of understanding (MoU) with the British Malaysian Chamber of Commerce (BMCC) to strengthen trade relations between Malaysia and the UK.

MATRADE said in a statement here on Wednesday that the MoU was signed by Noharuddin Nordin, MATRADE chief executive officer, and Jonathan Addis, BMCC chairman, on Tuesday.

The objectives of the MoU are to organize joint activities, events and trade missions in each other's respective countries, exchange trade information and training through exchange programs to facilitate cooperation between the two countries for trade development and promotion.

Noharuddin said in the statement that the signing of the MoU would further strengthen economic cooperation between Malaysia and the UK, and he was optimistic that such collaborative trade activities between both nations could be intensified.

According to MATRADE, in 2009, the UK was the third most important export market for Malaysia in the European Union (EU), with exports valued at 2.01 billion U.S. dollars or 11.8 percent of Malaysian exports to the EU.

The bulk of Malaysia's exports to the UK comprised electrical and electronic products that accounted for 741.9 million U.S. dollars or 36.9 percent of total exports to the UK, said MATRADE.

Source: Xinhua


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