India, Malaysia trade deal in ’11

Oct 28, 2010 |

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Oct. 27: A long-delayed trade accord between India and Malaysia to be signed next year that takes effect by July 2011, will double two-way trade to $15 billion by 2015, and cover trade in goods and services, investment and economic cooperation.

The Comprehensive Eco-nomic Cooperation Agree-ment (CECA) will be signed by the two sides by January, according to a joint-statement issued on Tuesday on the second day of the Prime Minister, Dr Manmohan Singh’s landmark visit to Malaysia.

Dr Singh said: “I am confident that this will transform our economic engagement in a substantial way.” “I am glad to announce that the agreement will come into effect in 2011. That will signify a huge strategic move and establish a strategic and stronger bilateral relationship,” the Malaysian Prime Minister, Mr Najib Razak, told a joint news conference.

India has invested in 95 projects in Malaysia’s manufacturing sector worth $1.1 billion, creating 13,032 jobs. The two countries said they would work together to develop the hydrocarbons and renewable energy industries.

Responding to a question, Dr Singh said India would study Malaysia’s Islamic banking industry as it explores the possibility of developing its market. “There have been, from time to time, demands that we should experiment with Islamic banking and I wo-uld certainly recommend to RBI to look at what’s happening to Malaysia in this record,” he said.

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