Page 39 - NIS English 16-30 Sep 2024.pdf

India-Malaysia International

Important agreements signed between the two countries

•n Agreement on cooperation in areas such as
recruitment of workers, employment, Ayurveda
and other traditional systems of medicine, digital
technology, culture, arts and heritage, tourism, public
administration and governance reforms, youth and
sports, and financial services.
•n Recognizing the important role of youth in
development, there was agreement on promoting
greater interaction and exchange between the youth
•n Agreed to further cooperation in the field of science
of both countries.
and technology, including space, nuclear energy,
•n The Prime Ministers of both countries encouraged
semiconductors, vaccines and other identified areas.
increasing bilateral investment and cooperation and
•n Both sides agreed to expand cooperation in the
investment in various sectors.
defense industry as well as enhance cooperation in
•n Both sides agreed to support and accelerate the
defense research and development.
review process of the ASEAN-India Trade in Goods
•n Condemned terrorism and agreed to call on all
Agreement (AITIGA).
countries to reject terrorism in all its forms and
•n Both Prime Ministers welcomed the discussion to
manifestations.
hold the second meeting of the Joint Committee
•n Both sides agreed to enhance cooperation in areas
of the Malaysia-India Comprehensive Economic
such as joint research and development in the field
Cooperation Agreement (MICECA).
of agriculture, capacity building and use of digital
•n Appreciated the cooperation between the Reserve
technology in agriculture.
Bank of India and Bank Negara Malaysia to promote
•n Emphasised the need for a concerted global effort to
the use of settlement in local currency for bilateral
address climate change concerns.
trade and investment.
•n Agreed to strengthen cooperation and coordination
•n Encouraged the early convening of the Malaysia-
in the United Nations, including in the UN Security
India Digital Council meeting to promote cooperation
Council, UNHRC and other multilateral forums.
between the two countries in areas such as digital
public infrastructure, digital B2B partnerships, •n Agreed to make the UN Security Council more
digital capacity building, cyber security, quantum effective by expanding it in both permanent and
computing, and cloud computing. non-permanent categories and increasing the
representation of developing countries in it.
•n Both sides welcomed the ongoing discussions
between Startup India and Cradle Fund of Malaysia •n India appreciated Malaysia's support for
and other stakeholders through the India-Malaysia India's permanent membership in the
Startup Alliance. UN Security Council.
momentum and energy. We observed that our Digital Council and to create a Start-up Alliance for
bilateral trade is making steady progress. Trade cooperation in digital technology. Work will also
between India and Malaysia can now be settled be done on connecting India's UPI and Malaysia's
in Indian Rupee (INR) and Malaysian Ringgits Paynet. We have also discussed new possibilities
(MYR). Last year, an investment worth $5 billion of mutual cooperation in the defense sector. Two
from Malaysia to India has been worked on. Now countries were unanimous in the fight against
the agreement between the two countries will be terrorism and extremism.
elevated as a comprehensive strategic partnership. Malaysia is an important partner of India in the
PM Modi said that bilateral trade and investment ASEAN and Indo-Pacific region. Both countries have
should be expanded. We should increase mutual also agreed to complete the review of FTA between
cooperation in new technological areas, such India and ASEAN in a timely manner. In 2025,
as semiconductors, fintech, defense industry, AI India will give full support to Malaysia's
and quantum. It has been decided to establish a successful ASEAN presidency. n

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