Malaysia, Japan Ink Memorandum Of Co-Operation To Foster Greater Trade Relations

KUALA LUMPUR, Nov 17 (Bernama) -- The Malaysia External Trade Development Corporation (Matrade) and Japan External Trade Organisation (Jetro) Thursday inked a Memorandum of Cooperation (MoC) in Tokyo, to redouble efforts at promoting trade between both countries. In a statement, Matrade said the MoC signalled a strong commitment to intensify cooperation in areas of mutual benefit, such as facilitation in trade promotion activities, exchange of information, collaboration in specific programmes and projects to promote the halal sector. The MoC was witnessed by Prime Minister Najib Razak and his Japanese counterpart, Shinzō Abe. It was part of initiatives in conjunction with a trade and investment mission to Tokyo, led by Najib. At the event, Najib recommended that Malaysia be Japan's halal advisor in preparation for the Tokyo Olympics 2020, particularly in providing advice on shariah compliance for products and services to be supplied to Muslim consumers during the world's biggest sporting event. Matrade Chief Executive Officer Dzulkifli Mahmud said Japan regarded Malaysian brands to be of the highest quality, hence, earning the country the loyalty of Japanese consumers. "We foresee strong demand for Malaysian products to surface for the Tokyo Olympics, especially in the halal segment," he said. This year, 12 trade promotion programmes were organised by Matrade in collaboration with Jetro, the Malaysia-Japan Economic Association and ASEAN Japan Trade Centre, including trade fairs, marketing missions and international sourcing programmes. In 2015, Japan was Malaysia's fourth largest trading partner after China, Singapore and the United States, with a value of US$29.15 billion (RM127.40 billion) recorded. (US$1 = RM4.37) Exports to Japan in 2015 stood at RM73.81 billion and imports at RM53.59 billion. The top five Malaysian exports to Japan last year were electrical & electronics products, chemicals & chemical products, petroleum, palm oil & palm-based agro products and liquefied natural gas. -- BERNAMA