Taiwan Aims For US$16 Billion Bilateral Trade With Malaysia This Year

KUALA LUMPUR, April 20 (Bernama) -- The Taipei Economic and Cultural Office of Taiwan expects Malaysia-Taiwan bilateral trade to hit US$16 billion this year. Its Deputy Representative in Malaysia Lin Min Li said trade between the two countries had clinched US$15.6 billion from US$13.6 billion in 2010. "We are confident of achieving the target this year as we are hoping to sign the Economic Cooperation Agreement with Malaysia soon," he told reporters after opening a seminar on Taiwan food industry here on Friday. Lin said Taiwan was looking forward to sign the agreement with Malaysia and hoped the International Trade and Industry Ministry would seriously consider signing the agreement. "The agreement will allow both nations to enjoy reduced customs duties for exports and imports besides other investment advantages," he said. He said Malaysia was Taiwan's number eighth largest trading partner and the number of Taiwanese investors coming to invest in Malaysia would increase if Taipei and Kuala Lumpur inked the agreement. Lin said Taiwan planned to expand its halal food sector and was looking forward to work with Malaysia whose halal certification was recognised by over 22 member countries of the Organisation of the Islamic Cooperation (OIC). Besides Singapore, Malaysia has been categorised as among the most important Southeast Asian trading nation and Taiwan was keen to trade with Malaysia. "Taiwan has identified six key areas for trade collaborations with Malaysia which include halal food products, technology sharing, food packaging, health- related products, international trade promotional programmes and the pharmaceutical sector," he said. Major bilateral trade between the two friendly nations are in the electrical and electronics sector, machinery, pharmaceutical and chemical products which totalled US$15.6 billiion last year. -- BERNAMA