PH deepens trade ties with Malaysia

PTIC-KL Commercial Counsellor Norjamin Delos Reyes and MICCI president Christina Tee
present the signed MOU, with Philippine Ambassador to Malaysia Charles Jose .

MANILA  -The Department of Trade and Industry (DTI) signed a memorandum of understanding (MOU) with the Malaysian International Chamber of Commerce & Industry (MICCI) to establish a framework to improve business relations between the Philippines and Malaysia.

The agreement was signed on April 11, with the Philippines represented by the Philippine Trade and Investment Center (PTIC) Kuala Lumpur and the Philippine embassy.

“The objective of the MOU is to establish a practical framework for the development of mutually beneficial business relations and cooperation between the Philippines and Malaysia, enabled by the strong collaboration of the Philippine Embassy, PTIC-Kuala Lumpur and MICCI,” the DTI said in a statement on Wednesday.

Philippine Ambassador to Malaysia Charles Jose, PTIC-Kuala Lumpur commercial counselor Norjamin Delos Reyes and MICCI president, Christina Tee signed the MOU.

Jose said the signing of the MOU was significant for the Philippines especially for local firms that have branched out to Malaysia.

“We can stand to benefit from the vast network of MICCI, its collaboration with other chambers and having access to relevant and timely information, which is important for businesses,” said the Philippine ambassador

Jose added that the March visit of Malaysian Prime Minister Anwar Ibrahim had given a strong impetus to develop economic, trade and investment relations between the Philippines and Malaysia.

He added that the two countries have already identified new areas of cooperation, but did not elaborate further.

Meanwhile, the MICCI expressed optimism about the partnership, saying that its members were looking forward to potential business opportunities and expansion, as well as finding local partners in the Philippines.

According to the Malaysia External Trade Development Corp. (Matrade), the national trade promotion agency of Malaysia, total annual trade between Malaysia and the Philippines amounted to $5.75 billion, making the latter the former’s 15 largest trading partner.

The Philippines was also ranked by Matrade as Malaysia’s 15th largest export destination with exports valued at $3.9 billion.

As for imports, the Philippines was Malaysia’s 16th largest source of imports during the period, with the value of goods amounting to $1.85 billion. INQ