Malaysia, Japan collaborate in managing global supply chain issues

By Wan Nurul Atiqah

KUALA LUMPUR, 13 March 2022: Malaysia and Japan have confirmed their determination to redouble their efforts in order to tackle the new era’s challenges, particularly issues pertaining to global supply chain disruption.

Senior Minister and International Trade and Industry (MITI) Minister, Datuk Seri Mohamed Azmin Ali took the opportunity to share a variety of topics of mutual interest during a courtesy call on former Japanese Prime Minister and special envoy of Japan’s Prime Minister to Malaysia, Shinzo Abe, yesterday.

Bernama reported the MITI Minister’s statement on the enhancement of bilateral trade and investment relations, the 40th anniversary of the Look East Policy, Regional Comprehensive Economic Partnership (RCEP), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Japan’s hosting of the Expo 2025 Osaka. 

“They acknowledged that in recent years, both countries have been expanding the horizon of cooperation including in measures against COVID-19, smart cities development, communication infrastructure as well as energy transition to achieve net zero carbon.

“Both sides concurred on the imperative of working together to tackle the challenges of the new era, particularly in facing headlong issues related to the disruption of the global supply chain,” the Minister added.

On the RCEP, Abe expressed his excitement for the agreement’s entry into force for Malaysia on 18 March, and expressed hope that Malaysia would soon ratify the CPTPP.

According to MITI, Azmin managed to alert Abe on Malaysia’s recent completion on a cost-benefit analysis for CPTPP and was currently undertaking domestic processes, including the necessary legislative amendments.

Japan was ranked as Malaysia’s fourth largest overall global trading partner and second largest after China for the East Asia region, while Malaysia was Japan’s 10th largest trading partner, last year.

With that, Abe praised Malaysia’s Look East Policy, which is now in its 40th year, for its efficacy in boosting trade and investment cooperation, human resource development, and people-to-people ties with Japan.

Bernama highlighted Malaysian exports to Japan were RM75.27 billion, while imports from Japan totalled RM73.71 billion, bringing the total trade between the two nations to RM148.98 billion.

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

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

Source: Bernama

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