The third meeting of the Vietnam-Malaysia trade joint committee took place in Kuala Lumpur on April 25, targeting measures to further intensify economic and trade cooperation.
Vietnamese Minister of Industry and Trade Vu Huy Hoang and Malaysian Minister of International Trade and Industry Mustapa Mohammed chaired the event.
The two sides agreed that economic policies hold great significance to bilateral trade. To create favourable conditions for business and investment, they suggested two countries reduce or eliminate trade barriers and simplify administrative procedures.
The two ministers discussed the signing of a memorandum of understanding on the pharmaceutical field, measures to boost collaboration between the Malaysia External Trade Development Corporation and the Vietnam Trade Promotion Agency, particularly in exchange of trade delegations and participation in fairs and exhibitions.
The meeting also highlighted the importance of the ASEAN Economic Community, which will be formed by the end of this year and create a common market in the ten-state bloc, as well as the need to strengthen cooperation and involvement in regional and multi-lateral forums and mechanisms such as the Trans-Pacific Partnership (TPP) agreement, the Asia-Pacific Economic Cooperation (APEC) and the World Trade Organisation.
According to the Malaysian Ministry of International Trade and Industry, in 2014, Vietnam was the 14th biggest trade partner in the world and the fourth among the ASEAN countries of Malaysia.
Two-way trade reached US$9 billion last year, of which US$4.3 billion came from Malaysia’s exports.
The two countries agreed to bring the trade to US$15 billion or more by 2020.
