China, Malaysia Target US$160 Billion Trade Volume in 2017
Marcel Woo | | Jun 01, 2014 11:30 AM EDT |
Despite the issues surrounding the missing Malaysian Airline MH370 flight that has, in a way, tainted the diplomatic relationships of China and Malaysia, the two countries signed an agreement to boost trade to US $160 billion in 2017.
While Malaysian Prime Minister Najib Razak, who was in Beijing for the China-Malaysia Economic Summit, admitted that the search for the missing Malaysian Airline plane has been a frustrating time, he said the relationship of the two countries is expected for further grow and expand in the future.
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"Just like what all friendships undergo, ours is testing sometimes," said Razak.
The China-Malaysia Economic Summit also marked the 40th anniversary of the diplomatic ties between the two countries. It was in 1974 when Razak's father, then Prime Minister Adbul Razak, established diplomatic ties with Beijing.
"The relationship between Malaysia and China will continue to grow and thrive through our economic success and friendship," Razak said.
Aside from signing an agreement to push forward the trade relationship between the two countries to US $160 billion, China and Malaysia also agreed to expand financial and economic cooperation, especially in the fields of halal food production, railway construction and water processing.
Last year, the bilateral trade volume of the two countries reached more than US $105 billion, said China's Ministry of Commerce, making Malaysia the biggest trading partner of China among the 10-member Association of Southeast Asian Nations.
In the entire Asia, Malaysia joins Japan and South Korea to have an annual trade volume with China of US $100 billion and above.
Chinese President Xi Jinping called on the two sides to keep high-level engagement and further promote cooperation in areas including infrastructure construction, communications, aerospace, remote sensing satellites, and finance, and expand bilateral trade and investment.
While the China-Malaysia Economic Summit talked little about the ongoing search for the missing MH370 flight, Xi have urged his Malaysian counterpart to continue the search and assured Malaysia that China will always extend assistance related to the missing plane.
TagsChina-Malaysia, Malaysia
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