India and Malaysia will begin negotiations for a Comprehensive Economic Cooperation Agreement (CECA) from January 2008, informed Kamal Nath, Minister of Commerce and Industry, at a meet organised by the Confederation of Indian Industries (CII) here on Monday. Established to further trade and investment relations between the two countries, the CECA was recommended by a joint study group. India’s exports to Malaysia last year stood at $1.3 billion and imports amounted to $5.3 billion. The joint study has indicated that the potential for bilateral trade is $16 billion by 2012. Malaysia is also the second largest ASEAN investor in India with total direct investments of $142.98 million during the period August 1991 to July 2007.India’s major exports to Malaysia include cathodes and sections of cathodes, meats and meat preparations, petroleum oils, onions and shallots, chemicals, cereals, yarns, garments, iron and steel, etc and major imports include petroleum oils, palm oils, electronic goods, wood manufacturers, chemicals and yarns, Kamal Nath said.Seri Rafidah Aziz, minister of international trade and industry, said that Malaysia is looking forward to collaboration with Indian institutions of higher learning for joint research and research centers. He also said that at the multilateral level, India and Malaysia must continue to engage effectively in the ongoing Doha Round for a successful and ambitious outcome to the negotiations.
