India, Malaysia ink landmark trade pact

Jaishree Balasubramanian

Kuala Lumpur, Feb 18 (PTI) India and Malaysia todaysigned a landmark pact that paves the way for freer flow oftrade in goods and services, besides enhanced investment andeconomic cooperation between the two countries.

The Comprehensive Economic Cooperation Agreement (CECA)was signed by Commerce Minister Anand Sharma and his Malaysiancounterpart Mustapa Mohamed and witnessed by Prime MinisterNajib Razak and several leading captains of industry from bothsides.

"The CECA will usher in a new era of much deeper economiccooperation. Indian Premier Manmohan Singh is very supportiveof this and a very good friend of Malaysia," Najib said whilestanding behind the two seated ministers after the pact wasinked.

The CECA marks a new era in bilateral ties, with both theministers calling the agreement a vehicle that would serve toenhance trade and investment flows and encourage freermovement of goods, services and professionals between Indiaand Malaysia.

India was Malaysia''s 13th largest trading partner in2010, with exports amounting to USD 6.5 billion and imports atUSD 2.4 billion.

Indian investments in Malaysia were valued at USD 15.9million, mostly in scientific and measuring equipment,fabricated metal products, furniture and fixtures. .