India and Malaysia move towards “Comprehensive Strategic Partnership”
Leaders of both countries highlighted the importance of cooperation in emerging areas of technology.
India and Malaysia have taken a significant step towards improving their bilateral relations by deciding to enhance their partnership to a “Comprehensive Strategic Partnership.” This decision came during a recent meeting between India’s Prime Minister Narendra Modi and Malaysia’s Prime Minister Anwar Ibrahim.
One of the key points of this meeting is a shift in trade relations between the two countries. Prime Minister Modi announced that “Trade between India and Malaysia can now be settled in Indian Rupee (INR) and Malaysian Ringgits (MYR).” This move is expected to simplify and increase trade interactions between the two nations. Modi also highlighted an investment from Malaysia to India worth $5 billion, which was agreed on during last year helping in strengthening economic ties.
Establishment of Digital Council and Start-up Alliance under the Comprehensive Strategic Partnership
Both leaders highlighted the importance of cooperation in emerging areas of technology. Prime Minister Modi pointed out the need to enhance mutual collaboration in fields such as semiconductors, Fintech, defense industry, Artificial Intelligence (AI), and quantum technology. In this regard, they agreed to expedite the review of the Comprehensive Economic Cooperation Agreement (CECA), which is important for deepening economic relations between the two countries.
Another outcome of the meeting was the decision to establish a “Digital Council” and create a “Start-up Alliance” to increase cooperation in digital technology. Prime Minister Modi mentioned that “Work will also be done on connecting India’s UPI and Malaysia’s Paynet,” a move that would help in seamless digital transactions between the two countries.
In the discussions, Prime Minister Modi also referred to Malaysia as an important partner for India in both the ASEAN region and in the Indo-Pacific area. He also stressed the importance of completing the review of the Free Trade Agreement (FTA) between India and ASEAN in a timely manner, which would benefit both India and Malaysia, as well as the wider ASEAN community.
You might also be interested in – Malaysia’s newly crowned king possesses private army, extensive collection of over 300 cars and multiple private jets
