Ahmad Maslan:' Malaysia was ready with a number of other alternatives, among them, the Regional Comprehensive Economic Partnership (RCEP).'
KUALA LUMPUR: Bilateral trade between Malaysia and the Organisation of Islamic Cooperation (OIC) countries inched up 0.2% to RM145.18 billion in 2016 from RM144.87 billion the previous year.
International Trade and Industry Deputy Minister Datuk Ahmad Maslan said exports to the OIC improved 5.1% year-on-year to RM82.07 billion, while imports amounted to RM63.11 billion.
Ahmad said this during an oral question and answer session in the Dewan Rakyat on Monday.
"The trade balance also registered a good performance in rising 67% to RM18.96 billion in 2016 compared to RM11.37 billion the previous year," he added.
Exports included palm oil and related products, chemical and chemical products, machinery equipment, as well as electric and electronics material.
He said among the OIC countries, nearly 70% of Malaysia's exports went to Indonesia, the United Arab Emirates, Turkey, Bangladesh and Pakistan with a lot of effort going into establishing good trade relations.
Malaysia signed free trade agreements with Pakistan and Turkey in 2007 and 2014, respectively
Ahmad said currently, the OIC was Malaysia's fifth largest trading partner, accounting for total trade of RM1.48 trillion in 2016.
Ahmad said the Government would continue to establish good trade relations with the OIC.
Founded in 1969, the OIC has 57 members with a total population of more than 1.6 billion. - Bernama
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