News Room - Business/Economics

Posted on 16 Oct 2008

RI, Malaysia sign investment and trade agreement

Indonesia and Malaysia had signed here on Wednesday the first Joint Investment and Trade Committee (JICT) agreement to improve trade and investment between the two countries.

 

The Trade Ministers of the two countries signed the agreement on behalf of their countries.

 

"One of the issues discussed in the meeting is the re-examination of the border trade agreement reached in 1970. Both countries had agreed to revise the agreement as soon as possible," Indonesian Trade Minister Mari Elka Pangestu said here.

 

Both ministers also discussed problems on trade and investment cooperation, including a regulation to inspect Malaysia`s ceramic exports to Indonesia, the Trade Minister said.

 

"Indonesia and Malaysia also agreed to discuss issues on countries of origin certification as long as it is based on the common effective preferential tariffs (CEPT) scheme for AFTA (ASEAN Free Trade Area)," Malaysian Trade Minister Muhyiddin Yassin said.

Both countries also talked about improving cooperation in services which benefit both countries, like tourism sector, Yassin added.