Malaysia’s trade with Canada jumps 25pct since 2018: Tengku Zafrul
25 Mar 2024
Malaysia has experienced a 25 per cent increase in bilateral trade with Canada since 2018, particularly since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into effect.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the CPTPP has led to a notable uptick in the issuance of Certificates of Origin (CO) by Malaysian businesses for exports to CPTPP partners, including Canada.
“I am pleased to share that Canada is also the second largest export market for trade in services after the US in 2022, valued at RM110 million, with the two largest components being on transport and travel.
“I believe events such as today’s Business Forum could begin or expand collaborative partnerships between our two countries’ businesses and investors, and what better way to do so than through the CPTPP platform and trade missions such as the Team Canada Trade Mission (TCTM),” he said at the launch of the mission here today.
Beyond CPTPP, Tengku Zafrul said Malaysia is also optimistic on additional trade potential via the Asean-Canada Free Trade Agreement (ACaFTA), of which Malaysia is also a party and coordinating country.
Malaysia looks forward to ensuring the success of the ACaFTA when Malaysia takes over Asean’s chairmanship in 2025, he added.
In terms of investments, Tengku Zafrul said Malaysia is proud to host Canadian companies like Celestica and Sun Life which have been thriving here for more than a decade.
As of today, he said a total of 96 manufacturing projects with Canadian participation had been implemented, with total investments worth US$ 274 million.
“The top three sectors for Canadian investments are E&E, basic metal products, and wood and wood products. I am also delighted to share that these projects have generated employment for 11,027 people.
“The TCTM today is a platform to up our game on both trade and investment. We invite Canadian businesses to consider Malaysia as your main trading and investment partner in this region,” he added.
The trade mission seeks to expand and deepen Canada’s existing partnerships in the region.
The strategic objective of the mission is to expand trade, investment and supply chain resilience including through expanding Canada’s trade network at home and abroad, paving the way for long-term growth and prosperity.
Source: NST
