India, Malaysia Discuss Trade, Semiconductor Collaboration in Bilateral Meet

New Delhi- India and Malaysia held a Ministerial-level bilateral meeting on Tuesday to strengthen trade ties and enhance cooperation in key sectors, including the semiconductor industry. Union Minister of State for Commerce & Industry and Electronics & Information Technology, Shri Jitin Prasada, met with Malaysian Deputy Minister of Investment, Trade, and Industry, Mr. Liew Chin Tong, at Vanijya Bhawan, New Delhi.

The meeting, attended by senior government officials from both nations, focused on the ongoing review of the ASEAN-India Trade in Goods Agreement (AITIGA). Both sides agreed to take necessary steps to expedite the review process, aiming for a substantial conclusion by 2025. Malaysia, currently the ASEAN Chair for 2025, expressed its support for enhancing trade relations under the AITIGA framework.

Key discussions also covered bilateral trade issues, market access challenges, cooperation in the service sector, and matters related to the Foreign Manufacturers Certification Scheme (FMCS) of the Bureau of Indian Standards (BIS). The two sides expressed optimism that these discussions would pave the way for resolving existing trade concerns and boosting bilateral trade.

Malaysia is India’s third-largest trading partner within ASEAN, with total trade amounting to USD 20.02 billion during 2023-24, accounting for around 17% of India’s total trade with ASEAN.