Malaysia and Cambodia on February 27 agreed to establish a Joint Trade Committee (JTC) this year to explore cooperation potential in trade, investment and tourism that will benefit both countries, Malaysian Prime Minister Anwar Ibrahim said.
At the joint press conference between Malaysian Prime Minister Anwar Ibrahim and his Cambodian counterpart Hun Manet. (Photo: VNA)
Kuala Lumpur (VNA) – Malaysia and Cambodia on February 27 agreedto establish a Joint Trade Committee (JTC) this year to explore cooperation potential in trade, investment and tourism that will benefit both countries, MalaysianPrime Minister Anwar Ibrahim said.
At a press conference with his Cambodian counterpart Hun Manet, he saidunder this new trade mechanism, both countries would explore cooperationbetween the Customs Departments to facilitate the flows of goods.
He added that they will seek to open new flight routes to expand connectivitybetween the two countries.
Earlier, the two PMs witnessed the exchange of amemorandum of understanding (MoU) on cooperation in financial innovationand payment systems between Bank Negara Malaysia and the National Bank ofCambodia.
The MoU between the two central banks is meaningful because this has been one ofthe pillars in terms of dealing with the issue or problem with currency.
Anwar stressed that using local currencieswill lessen the burden and the pressure of having to be tied only to the US dollar.
Cambodia was one of the first nations toestablish diplomatic relations with Malaysia in 1957. In 2023, Cambodia was the 9th largest trading partner of Malaysia in the Association of Southeast Asian Nations (ASEAN).
The valueof bilateral trade between Malaysia and Cambodia stood at 3.02 billion RM (over 632 million USD), withexports from Malaysia reaching 2.35 billion RM, representing a1.6% increase from the previous year.
Malaysiancompanies have implemented 162 projects in Cambodia with investments totaling 14.4billion RM (3 billion USD)./.
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At the joint press conference between Malaysian Prime Minister Anwar Ibrahim and his Cambodian counterpart Hun Manet. (Photo: VNA) 
