KUALA LUMPUR: Trade between Malaysia and the United Kingdom (UK) has flourished over the years, standing at RM17.3 billion (US$3.79 billion) last year, according to Investment, Trade and Industry Ministry.
Its deputy minister Liew Chin Tong said the UK is Malaysia's 21st largest trading partner, while the former ranks Malaysia as its 41st.
"The imminent ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) by the UK marks a significant milestone, as it will be the first free trade agreement between our nations.
"Additionally, the establishment of a joint economic and trade committee, co-chaired by our respective ministers and scheduled for later this year, underscores our commitment to fortifying economic ties," he said at the opening of the British Malaysia Chamber of Commerce's (BMCC) new office in Tun Razak Exchange (TRX) here today.
Liew expressed confidence that the progress made will lead to significant growth in Malaysia's bilateral trade and investment relations in the foreseeable future.
Ailsa Terry, British high commissioner to Malaysia, noted that 2024 marks a pivotal moment to elevate the longstanding trade relations between the UK and Malaysia into a contemporary partnership.
The transformation is anticipated to be marked by significant events such as the upcoming implementation of the CPTPP for the UK and the inaugural ministerial meeting of the UK-Malaysia Joint Economic and Trade Committee (Jetco).
"The chamber's move into the green and modern office at TRX will support efforts to provide even better services to their members, and ultimately support the growth of our bilateral trade and creating economic benefits for both our countries," she said.
The new office signifies a progression in the BMCC's continuous efforts to promote trade, investment, and partnership between the UK and Malaysia, leveraging the growth opportunities offered by TRX.