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KUALA LUMPUR: Malaysia has agreed in principle to exempt some Palestinian agricultural and food products from customs duties, says Tengku Datuk Seri Zafrul Abdul Aziz.
"Malaysia stands firmly behind Palestine to help rebuild its economy and establish the foundations for socio-economic recovery.
"We look forward to working closely with our Palestinian partners to deliver tangible mutual benefits for our people," the Investment, Trade and Industry Minister said during a memorandum of understanding (MOU) exchange between Malaysia and Palestine on trade and economic cooperation here Friday (Sept 19).
Tengku Zafrul said the MOU is a testament to Malaysia and Palestine's shared vision to create sustainable trade and investment linkages, particularly in sectors with high potential, such as the halal industry, digital economy, and among small and medium-sized enterprises (SMEs).
Investment, Trade and Industry Ministry secretary-general Datuk Hairil Yahri Yaacob exchanged the MOU with Palestinian ambassador to Malaysia Walid Abu Ali, with Prime Minister Datuk Seri Anwar Ibrahim as witness.
According to the ministry, Malaysia and Palestine have agreed to forge closer bilateral and economic ties through the MOU, which lays the foundation for closer collaboration in trade, investment and economic development, creating new opportunities for businesses and people in both countries.
"The MOU also aims to build capacity through training, the exchange of expertise, and the promotion of private sector partnerships," it said in a statement Friday.
MITI said today's occasion reaffirms Malaysia's unwavering commitment to supporting Palestine's economic resilience and recovery by supporting the development of industrial zones, strengthening SMEs, and expanding cooperation in the halal industry, tourism, energy, and the digital economy.
It said Palestine ranked as Malaysia's 15th largest trading partner in the West Asia region in 2024.
"Malaysia's main exports to Palestine included plastics and processed foods, while key Palestinian imports were agricultural products such as dates.
"Malaysia looks forward to deepening its economic partnership with Palestine, contributing to its development aspirations and resilience, while advancing shared principles of solidarity and prosperity," it added. - Bernama
