India, Malaysia Plan Agreement On Economic Co-Operation

New Delhi: India and Malaysia are looking at an India-Malaysia Comprehensive Economic Co-operation Agreement (CECA) from January 2008, said Mr Kamal Nath, Minister of Commerce and Industry at a seminar here. The seminar, Malaysia India Business Opportunities, was jointly organised by the Ministry of International Trade and Industry, the Malaysia External Trade Development Corporation, the Malaysian Industrial Development Authority and the Confederation of Indian Industry (CII) on Nov 26. To take the trade and investment relations forward, India and Malaysia have set up a Joint Study Group (JSG), which has recommended the set up of CECA that would serve as a plausible institutional framework to provide significant economic benefits to both countries.

Malaysia ranks as the 23rd largest overall investor and the second largest investor from ASEAN with a total foreign direct investment (FDI)of $142.98 million during the period between August 1991 and July 2007, said the Minister. India''s exports to Malaysia during 2006-07 stood at $1.3 billion and imports from Malaysia at $5.3 billion. India''s major exports to Malaysia include cathodes, meats, petroleum oils, onions and shallots, chemicals, cereals, yarns, garments, iron and steel, while imports include petroleum oils, palm oils, electronic goods, chemicals and yarns.