KUALA LUMPUR: Malaysia and China will work together to set up a single window system to facilitate cross-border trade by streamlining trade regulatory processes and simplifying documentation.
In a statement today, the Investment, Trade and Industry Ministry (Miti) said the system will enable a seamless digital exchange of trade-related information between the custom authorities of 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 theadministrative burden for businesses," Miti Minister Tengku Datuk Seri Zafrul Abdul Aziz said.
"This will not only support bilateral trade growth, but also nurture economic resilience between Malaysia and China," he added.
"Miti is committed to working closely with the Finance Ministry and the General Administration of Customs of China to ensure the successful implementation of this single window interoperability to foster a more efficient, transparent, secureand resilient trade environment," said Tengku Zafrul said.
To further strengthen their economic ties, Malaysia and China have signed three memoranda of understanding (MoU) to intensify cooperation in economy and trade as well as digital and green economy.
Miti said the first document signed relates to Malaysia-China's Five-Year Programme for Economic and Trade Cooperation, which was first established in 2013. Since its establishment, the ministry said the programme significantly boosted bilateral trade and deepened economic cooperation.
This includes growing China to be Malaysia's top trading partner since 2009, as well as one of Malaysia's top sources of foreign direct investment. Today, the current framework was elevated to the Five-Year Programme for Economic and Trade Cooperation (2024 – 2028).
The agreement encourages the participation of businesses from other countries, as well as from international multilateral organisations and international financial institutions.
Meanwhile, the MoU on digital economy will see both countries explore cooperation in digital economic infrastructure.
This includes communication network infrastructure, smart infrastructure and smart cities, enabled by the integration of interactive technology such as artificial intelligence and 5G connectivity in modern manufacturing, transportation, business, finance, education and healthcare.
The third MoU on green development seeks to explore cooperation in clean energy, new energy vehicles, green finance, sustainable infrastructureconstruction and green technology.
The cooperation also involves research and development such as the establishment of scientific and technological innovation platforms to accelerate both countries' green transformation.
"The signing of the three documents on economy and trade, digital economy and green economy underscore our mutual commitment to establish stable, reliable and resilientpartnerships for our businesses and economy to grow," Tengku Zafrul said.
"Miti will work closely with China's Ministry of Commerce and our stakeholders to fully realise the outcomes of these forward-looking cooperation arrangements," he added.
The documents were signed by Tengku Zafrul and China's Minister of Commerce Wang Wentao.
The exchange was witnessed by Prime Minister Datuk Seri Anwar Ibrahim and China's Premier Li Qiang in Putrajaya.
Li is on his official visit to Malaysia to commemorate the 50th anniversary of Malaysia-China diplomatic relations this year.