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The Third Meeting of the Joint Trade Committee (JTC) between Malaysia and Thailand, held recently in Kuala Lumpur, Malaysia, underscored their shared commitment to advancing tech-driven economies. Co-chaired by Senator Tengku, Malaysia’s Minister of Investment, Trade, and Industry, and Thailand’s Deputy Prime Minister and Minister of Commerce, the meeting built upon earlier discussions at the Ministry of Investment, Trade, and Industry (MITI).
From 2017 to 2023, bilateral trade between Malaysia and Thailand averaged US$24.73 billion annually, with a peak of US$27.74 billion in 2022. Despite a modest decline to US$24.83 billion in 2023 amid global trade challenges, Malaysia maintained its position as Thailand’s largest trading partner within ASEAN.
A focal point of the JTC was the establishment of a dedicated Task Force on Trade and Investment aimed at catalysing digital transformation and technological innovation. This Task Force sets ambitious goals, including reaching a US$30 billion trade volume by 2027. It prioritises enhancing cross-border connectivity, optimising import-export processes – especially for agricultural products – and fostering digital economic growth.
Across various sectors crucial to both nations’ economies, the Task Force seeks to drive collaboration and innovation. In the tech sphere, Malaysia and Thailand are poised to leverage their strengths to develop digital infrastructure, including digital ID systems, cybersecurity enhancements, and the establishment of cutting-edge data centres. These initiatives aim not only to bolster economic resilience but also to position both countries competitively in the global digital landscape.
In parallel, advancements in agriculture remain pivotal. Both nations are committed to modernising agricultural practices, improving market access for agricultural goods, and promoting sustainable farming methods. This aligns with broader regional goals of ensuring food security and enhancing agricultural productivity through technological integration.
The Task Force also emphasises the importance of enhancing connectivity and logistical efficiency in land transport. By investing in infrastructure and streamlining regulatory frameworks, Malaysia and Thailand aim to reduce trade barriers and facilitate smoother cross-border movement of goods, thereby enhancing overall economic efficiency.
Entrepreneurship and franchising are identified as strategic areas for growth. Malaysia and Thailand are keen on fostering a supportive ecosystem for startups and franchise operations, facilitating market entry, and providing essential support services to encourage entrepreneurial ventures and investments in these dynamic sectors.
Halal products represent another significant area of cooperation. Both countries continue to collaborate on promoting and exporting halal-certified products, capitalising on increasing global demand. This includes joint promotional activities, sharing best practices in halal certification, and expanding production capacities to meet international standards.
Looking ahead to Malaysia’s ASEAN chairmanship in 2025, both countries reaffirmed their commitment to advancing the ASEAN Community Vision 2045 and the ASEAN Economic Community (AEC) Strategic Plans for 2026-2030. These initiatives aim to deepen economic integration within ASEAN, fostering a cohesive regional economy that leverages digital innovations and sustainable practices.
The Third Meeting of the JTC between Malaysia and Thailand highlighted their strategic focus on advancing tech-driven digital economies. Through collaborative efforts underpinned by the Task Force on Trade and Investment, both nations aim to achieve sustainable growth, enhance regional economic integration, and harness technological advancements to navigate global economic challenges effectively.
Malaysia is actively forming bilateral partnerships to achieve its ambitious digital and economic objectives, emphasising advancements in technology innovation and sustainable economic growth. This commitment was highlighted during Premier Li’s historic visit to Malaysia, where both nations strengthened their bilateral relations by signing fourteen agreements, including MoUs and joint statements.
These agreements span critical areas such as investment in the digital economy, green development, high-level manufacturing, robotics, media, postal services, and cross-border trade facilitation. This significant milestone underscores their shared dedication to enhancing technological, economic, and cultural cooperation, aimed at fostering growth in innovative industries and sustainable development goals.
