India and Malaysia pact on economic cooperation

India and Malaysia pact on economic cooperation

2010-10-28 05:24:07 GMT+7 (ICT)

KUALA LUMPUR, MALAYSIA (BNO NEWS) -- India and Malaysia in order to implement the Comprehensive Economic Cooperation Agreement (CECA) on Wednesday agreed to the six pacts detailed in the agreement, local media reported.

Indian Prime Minister Manmohan Singh and his Malaysian counterpart, Najib Tun Razak, announced in a joint statement that they would sign the CECA by January 31, 2011 and implement it by July 1, 2011.

"We want to have more substance in our strong, warm relationship that we have enjoyed encompassing so many fields, apart from our strong cultural ties," Razak said. "And of course, our government-to-government relationship that our predecessors had built over so many years."

On January 1, the India-Asean Trade in Goods (TiG) agreement that was implemented. However, CECA will be incorporating services and investments, as both sides agreed on providing access to each others' services market across all modes and various sectors.

In addition, India and Malaysia will be freeing their respective investment regimes to facilitate greater foreign investment into each other's territory. Economic cooperation will be implemented as well in several areas such as infrastructure development, creative industries, tourism, small and medium enterprises, business facilitation, science and technology, and human resource development.

India had previously signed comprehensive trade agreements with Singapore and South Korea.

Manmohan is on a three-day official visit to Malaysia which began Tuesday.

-- © BNO News All rights reserved 2010-10-28