China envoy: Trade expansion top priority

[Vivian]

CHINA'S Ambassador to Malaysia, Liu Jian, says expansion of trade and investment between Malaysia and China is top priority for him this year as several trade agreements, including its free trade pact with Asean, come into force. Speaking at a luncheon with the Malaysian media at his residence in Kuala Lumpur yesterday, he expressed confidence that the full implementation of the China-Asean Free Trade Area (FTA) this year would accelerate economic development between China and Malaysia. Liu said he expected trade exchanges between Malaysian and Chinese businessmen to reach new heights this year especially with the implementation of these agreements and in tandem with the global economic recovery. "Our businesses are already actively pursuing their trade links with their Malaysian counterparts, and we would like to welcome Malaysian companies to continue investing in China," the envoy said. Liu said in 2009, the bilateral trade volume reached US$50 billion (about RM170.1 billion), and he envisaged the volume to grow further. He said that bilateral ties between Malaysia and China entered a new chapter following visits by both national leaders to each other's country last year. Both countries formalised three agreements and one memorandum of understanding (MoU) when Prime Minister Datuk Seri Najib Razak made his first official visit to China in June last year. On concerns by Malaysian businessmen that they would lose out to large Chinese corporations with full implementation of the Asean-China Free Trade Zone, Liu said the agreement was based on common interest. The free trade area will be carried out in two stages. The first stage of implementation is between China and the few founding members of Asean. By 2015, the full Asean-China Free Trade Area will then be expanded to cover all the newer Asean nations. The 10 Asean countries plus China would have a total potential market for 1.9 billion people, and it could become one of the world's new economies comparable to the European Union and the North American economic bloc, he said. On education, Liu also expressed hope that there would be closer collaboration between Malaysia and China in this area. - Bernama

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