Malaysia-China works toward a single window trade initiative


PETALING JAYA: Malaysia and China have agreed to increase high-quality investment in the digital and green economies between the two countries.

One of the focuses is to set up a single window system which enables the seamless digital exchange of trade-related information between customs authorities in both countries.

"The single window trade initiative between Malaysia and China is a strategic step towards enhancing Malaysia’s trade facilitation capabilities and is expected to significantly expedite and streamline the movement of goods while reducing the administrative burden for businesses.

"This will not only support bilateral trade growth, but also nurture economic resilience between Malaysia and China,” said Investment, Trade and Industry Ministry (MIti) Tengku Datuk Seri Zafrul Abdul Aziz.

The seamless digital exchange of related information between the customs authorities of both countries will be enabled between both countries using Artificial Intelligence (AI) and blockchain to ensure the real-time, seamless and accurate exchange of data while expanding the spectrum of trade facilitation services to importers and exporters.

He added that Miti is committed to working closely with the Finance Ministry and China’s General Administration of Customs to ensure the successful implementation of this single window interoperability to foster a more efficient, transparent, secure and resilient trade environment.

The single window initiative is part of two new Memoranda of Understanding (MoU) that were signed on Wednesday (June 19).

Under the MoU on the digital economy, both countries aim to explore cooperation in digital infrastructure, including communication networks, smart infrastructure, and smart cities.

This is enabled by technologies such as artificial intelligence and 5G connectivity in sectors such as manufacturing, transportation, business, finance, education, and healthcare, Zafrul added.

Meanwhile, the MoU on green development seeks to explore cooperation in clean energy, new energy vehicles, green finance, sustainable infrastructure construction and green technology.

This cooperation includes research and development and the establishment of scientific and technological innovation platforms to accelerate both countries’ green transformation.

The two MoUs are among the three signed by Tengku Zafrul and China's Commerce Minister Wang Wentao and exchanged three key documents on Wednesday, witnessed by Prime Minister Datuk Seri Anwar Ibrahim and Chinese Premier Li Qiang.

"Malaysia and China are longstanding partners, bound by a rich shared history of cooperation that has successfully translated into strong trade and investment ties,” said Tengku Zafrul.

He added the commitments by both countries in the areas of economy and trade, digital economy and green economy “underscores our mutual commitment to establish stable, reliable and resilient partnerships for our businesses and economy to grow.”

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

Educate and advise first about e-invoicing
Malaysia, China in tie-up to develop digital economy
Targeted fuel subsidies to drive long-term growth
FBM KLCI ends lower on profit-taking
Govt to assist SMEs in e-invoicing
Vestland to buy office, warehouse properties
Glove makers to benefit from more US orders
Kucingko IPO oversubscribed by 99.02 times
MAA revises vehicle sales upwards
Positive consumer spending growth

Others Also Read