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Trade Agreement Between Malaysia And China

In the current phase, China has shown complementary characteristics and supported regional trade. In mid-August 2010, China began trading with Malaysian ringgit against the yuan in its domestic foreign exchange market to promote bilateral trade between the two countries and to facilitate the use of the yuan for the settlement of cross-border trade. Nevertheless, the potentially contradictory (competitive) aspect of trade relations cannot be ignored. In 2006, the manufacturing sector accounted for 92.4% of China`s goods exports and the trend continues. Malaysia remains competitive in the machinery, electronic equipment and energy sectors, but is not competitive in the clothing and textile, food, agriculture and leather and transport sectors. Malaysia needs to improve its export structure and reduce production of low-end and labour-intensive production. Malaysia should focus on the high value-added production, design and services sectors before China overtakes it in these areas. Given that the two countries now encourage different service sectors, continued bilateral liberalization and strategic cooperation in services trade should be an important priority for trade between Malaysia and China. These services may include education, medical tourism, transportation and construction, as well as financial services. Both countries could benefit from economic benefits in market structure and product diversification, as well as economies of scale through regional trade integration. In addition, the two nations are committed to bilateral trade integration, as well as supporting the multilateral framework within the ASEAN regime.6 Despite strong export competition in the manufacturing sector, China recognizes Malaysia as an influential player in ASEAN and various ASEAN-based cooperation platforms, such as the ASEAN Regional Forum and the East Asia Summit. Trade expansion is expected to accelerate with the formalization of a bilateral trade liberalization pact, which is on track under the ASEAN-China Free Trade Agreement. IntechOpen publishes only manuscripts for which it holds publishing rights.

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