PUTRAJAYA:The Malaysia-India Comprehensive Economic Cooperation Agreement (CECA) signed yesterday marks a new era in bilateral trade relations for both countries.
Datuk Seri Najib Tun Razak
The Prime Ministers of both countries have been calling the agreement a vehicle that will serve to enhance greater trade and investment flows and encourage freer movement of goods, services and professionals.
“This new relationship will enhance our bilateral trade. Please send my regards to (Prime Minister) Dr Manmohan (Singh). He has been very supportive,” Prime Minister Datuk Seri Najib Tun Razak said to Indian Minister of Commerce and Industry, Anand Sharma at the CECA signing ceremony here.
Anand signed the CECA on behalf of the Indian government while International Trade and Industry Datuk Seri Mustapa Mohamed represented Malaysia.
Najib who witnessed the signing had previously said the landmark deal signified a huge strategic move in a very positive manner, as it ‘will unleash tremendous potential in terms of bilateral trade and investment’.
“I am very confident that when the agreement comes into force, the bilateral trade target that we have set basically at US$15 billion by 2015, will be attained, if not, earlier,” he said.
Najib and Manmohan had a bilateral meeting last October in Putrajaya after having met earlier in Delhi earlier in the year.
The CECA which comes into force on July 1, is a free trade agreement, which covers trade in goods and services and investment as well as economic co-operation.
Potential areas for increased cooperation include infrastructure development, particularly in the construction industry, roads and highway projects, the capital market, information and communications technology (ICT), the oil and gas sector, reneweable energy sector, green technology as well as services.
Negotiations for the CECA began in February 2008 but was put on hold after two rounds, as both sides wanted to focus on completing the Asean-India Trade in Goods Agreement. — Bernama