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Malaysia, Indonesia sets up joint trade and investment committee


January 13, 2008

Malaysia, Indonesia sets up joint trade and investment committee

Malaysia and Indonesia signed the Memorandum of Understanding (MoU) on the establishment of Malaysia-Indonesia Joint Trade and Investment Committee (JTIC) in Putrajaya, the administrative center of Malaysia on Friday.

The MoU was signed by Malaysian International Trade and Industry Minister Rafidah Aziz and Indonesian Trade Minister Mari Elka Pangestu during the Annual Malaysia-Indonesia Consultation.

According to the Malaysian International Trade and Industry Ministry (MITI), the establishment of JTIC is aimed to identify and implement measures to enhance bilateral trade and investment links, address trade and investment issues, assist the private sector of both countries to establish trade and business ventures, hold consultations and exchange information on trade and investment related issues and recommend measures aimed at the expansion and diversification of trade between the two countries.

The JTIC is expected to further strengthen the trade and investment cooperation between Malaysia and Indonesia, both bilaterally and regionally.

It will also enhance the networking between Malaysia and Indonesia's businessmen, thus creating more business opportunities and market access, MITI said.

Indonesia was Malaysia's 10th largest trading partner in 2006.

Courtesy Xinhua

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