Malaysia, New Zealand aim to boost trade by 50 percent by 2030

(MENAFN) Malaysia and New Zealand have set an ambitious target to boost their trade volume by 50 percent by 2030, marking a significant step in the enhancement of their economic relations. This goal is part of a broader review of their existing free trade agreement, which the two countries are currently undertaking. During a recent joint press conference, New Zealand's Prime Minister Christopher Luxon and Malaysia's Prime Minister Anwar Ibrahim outlined their strategy to strengthen bilateral trade. They both underscored their dedication to removing non-tariff barriers that currently disrupt the smooth flow of goods between the two nations.

Prime Minister Luxon highlighted the necessity of modernizing trade procedures, emphasizing that both countries are focusing on implementing electronic certificates and improving customs cooperation. These measures aim to streamline border processes and facilitate a more efficient exchange of goods. While specific strategies for achieving the 50 percent trade increase were not disclosed, Luxon noted that trade ministers from both countries will meet next year to further refine and advance the Malaysia-New Zealand free trade agreement.

In addition to trade enhancements, Prime Minister Luxon announced plans to strengthen defense cooperation between Malaysia and New Zealand. This broader agenda reflects the nations' commitment to not only boosting economic ties but also to fostering a closer partnership in various sectors. The forthcoming discussions and initiatives will play a crucial role in shaping the future of their bilateral relations and achieving their ambitious trade growth targets.

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