Malaysia and Japan to Step Up Joint Efforts to Solve Global Supply Chain Issues | Money

Miti said Azmin also took the opportunity to inform Abe that Malaysia had just completed a cost-benefit analysis for the CPTPP and was currently undertaking national processes. — photo by Bernama

KUALA LUMPUR, March 13 – Malaysia and Japan have reaffirmed their commitment to redouble their efforts to meet the challenges of the new era, especially the issues related to the disruption of the global supply chain.

During a courtesy visit to former Japanese Prime Minister and Japanese Prime Minister’s Special Envoy to Malaysia, Shinzo Abe, Senior Minister and Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali yesterday took the opportunity to deliberate on various issues of common interest.

These include improved bilateral trade and investment relations, the 40th anniversary of the Look East policy, the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership ( CPTPP) and Japan’s hosting of Expo 2025 Osaka International Conference, the Ministry of Trade and Industry (MITI) said in a statement.

“They recognized that in recent years, the two countries have broadened the horizon of cooperation, particularly in measures against Covid-19, the development of smart cities, communication infrastructures as well as the energy transition to reach zero. net carbon.

“Both parties agreed on the imperative of working together to meet the challenges of the new era, particularly in the face of issues related to global supply chain disruption,” the ministry said.

Regarding the RCEP, Abe said he looked forward to the entry into force of the agreement for Malaysia on March 18, expressing hope that Malaysia would also ratify the CPTPP soon.

Miti said Azmin also took the opportunity to inform Abe that Malaysia had just completed a cost-benefit analysis for the CPTPP and was currently undertaking national processes, including necessary legislative changes.

Hailing Malaysia’s Look East policy, which entered its 40th year, Abe highlighted its effectiveness in providing Malaysia with a solid foundation in promoting trade and investment cooperation, resource development people and people-to-people ties with Japan.

Last year, Japan was Malaysia’s fourth largest trading partner in the world and the second after China for the East Asian region, while Malaysia was Japan’s 10th largest trading partner.

Total trade between the two countries stood at RM148.98 billion, with Malaysia’s exports to Japan amounting to RM75.27 billion and imports from Japan to RM73.71 billion. RM.

In 2021, a total of 2,709 manufacturing projects with Japan’s participation were completed with total investments of RM90.9 billion, generating 337,280 jobs.

The majority of these investments were in electronics and electrical products, chemical and chemical products, non-metallic mineral products and transport equipment. — Bernama