Malaysia-India Trade Can Reach US$15 Bln In 2012, Says Envoy

By Prem Kumar Panjamorthy KUALA LUMPUR, Nov 21 (Bernama) -- The goal of the India-Malaysia Comprehensive Economic Co-operation Agreement (CECA) to boost bilateral trade between both countries to US$15 billion by 2015, might be realised by the end of next year, says the Indian High Commissioner to Malaysia, Vijay K. Gokhale. Vijay said if the economies of Malaysia and India continue to expand at the current growth rate, then achieving the US$15 billion in trade by the end of next year, is not an issue. "So far, with the full impact of the CECA not having kicked in, trade between both countries grew 36.3 per cent for the first eight months of this year, to US$8.351 billion. "We are positive that this year, the total trade will exceed US$12 billion," he told Bernama, here on Monday. Malaysia's economy is expected to grow 5-6 per cent this year while the Indian economy is poised to expand 7-8 per cent. "Trade between not just India and Malaysia but India and Asean as well, will surely contribute towards the effectiveness of the economic growth of both countries," Vijay said. He said the Indian government is now looking to identify the country's strength segments in exports and boost it to tackle the trade imbalance issue between Kuala Lumpur and New Delhi. "This year for instance, the trade deficit is already US$5 billion. We certainly would like to export more. "Textiles and pharmaceutical are the sectors that India has a strong foothold. I think if more Malaysian companies import products and services from these two sectors in a more enhanced manner, the trade imbalance, while not resolved, can be reduced," he added. Vijay also said that India is focusing on its "Look East" policy and enhancing trade within the Asean region. "We are now pushing our companies to exhibit and enhance relationships with their Malaysian and Asean counterparts for future collaborations," he added. --BERNAMA Malaysia