Malaysia Eyes Trade Growth with FTA Partners, Emerging Markets This Year - Minister Tengku Zafrul
KUALA LUMPUR, Jan 27 (Bernama) -- Malaysia plans to focus on strategic engagements with free trade agreement (FTA) partners and emerging markets this year to increase its exports, said Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz.
He said the economies of emerging markets have been growing rapidly over the years, including regions such as Africa, the Middle East and Latin America.
In addition, the minister said, the Malaysia External Trade Development Corp (MATRADE) is actively pursuing opportunities with non-traditional markets that are also Malaysia’s FTA partners such as Peru and Mexico.
“The benefits of these FTAs include zero-rate tariffs, and preferential market access will make Malaysian products and services more attractive and competitive,” he said in a pre-recorded keynote speech at an event titled “Malaysia’s 2024 trade performance: Navigating Trade Winds of 2025” on Monday.
Tengku Zafrul said that last year, the Investment, Trade and Industry Ministry (MITI) and its agencies were part of Prime Minister Anwar Ibrahim’s delegation in his visits to Egypt and BRICS member states such as Brazil and India to strengthen trade relations.
“In the last two weeks, I was with the Prime Minister in the United Arab Emirates (UAE) for the Middle East market engagement,” he said, adding that the country continues to pursue more bilateral trade agreements.
On Jan 14, Malaysia signed the Comprehensive Economic Partnership Agreement (CEPA) with the UAE.
“This is Malaysia’s first FTA with a Gulf Cooperation Council (GCC) member and it has actually set a new record for the nation as the fastest FTA to be concluded – in just 11 months,” he noted.
Tengku Zafrul said MITI is also intensifying its outreach to second tier cities in China and Indonesia as part of the diversification strategy, focusing on cities such as Chongqing, Chengdu, Nanjing, Medan, Surabaya and Pontianak.
“These cities are currently undergoing rapid urbanisation and economic growth with fast-growing populations that will create huge demands for products and services,” he said.
As the 2025 ASEAN chair, Tengku Zafrul said, Malaysia aims to position the region as a hub for trade and investment by deepening economic cooperation and enhancing supply chain resilience.
“Agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are vital tools for mitigating global trade disruptions.
“These frameworks enhance regional supply chains and expand market access for Malaysian businesses, providing a solid foundation for continued growth,” he added.
-- BERNAMA
