[Economics] China and Malaysia deepen ties with renewed economic pact

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The deal, which will deepen relations between the two countries as they mark 50 years of diplomatic ties, was inked during a trip by Chinese Premier Li Qiang on Wednesday. The visit to Malaysia’s administrative capital Putrajaya was the last leg of a regional trip intended to expand China’s influence in the Asia Pacific as geopolitical tensions with the United States rise.“China is ready to work with Malaysia,” said Li as his host, Malaysian Prime Minister Anwar Ibrahim, rolled out the red carpet for his arrival the previous evening. “China is advancing Chinese modernisation on all fronts through high-quality development. Malaysia, on its part, is promoting national development …” Following private talks, the two leaders witnessed the signing of various pacts, including the economic and trade deal. Officials said that the pact would bolster links between industries in priority sectors like high-level manufacturing and the digital economy. Other agreements signed aim to promote investment in green development, combat transnational crime, and boost housing and urban development, higher education, people-to-people exchanges in science and technology, tourism and cultural cooperation, Anwar’s office said. ‘Glimmer of hope’ While trade topped the agenda publicly, Anwar’s comments ahead of the talks hinted at the geopolitical dimension. In an interview aired before Li’s visit, he told Chinese media that Malaysia planned to join the BRICS bloc of developing economies once it had received feedback from current chair South Africa on its expression of interest.He expressed support for the bloc’s Global South agenda, taking aim at a “Western narrative” on Israel’s war on Gaza, which he said focused excessively on Hamas’s October 7 attack on Israel. The rise of China, he said, “brought us a glimmer of hope that there are checks and balances in the world”.

https://www.aljazeera.com/news/2024/6/19/china-and-malaysia-deepen-ties-with-renewed-economic-pact