India, Malaysia Strengthen Ties in Semiconductors and Manufacturing Standards

Union Minister of State for Commerce and Industry, as well as Electronics and Information Technology, Jitin Prasada, conducted a bilateral meeting today in New Delhi with Liew Chin Tong, the Deputy Minister of Investment, Trade, and Industry of Malaysia. The discussions focused on various topics, including bilateral trade, market access, Business operations and collaboration in the semiconductor sector, cooperation in services, and matters concerning the Foreign Manufacturers Certification Scheme (FMCS) overseen by the Bureau of Indian Standards (BIS).

The meeting included representatives from Indian ministries such as External Affairs, Commerce and Industry, Electronics and Information Technology, as well as officials from Malaysia's Ministry of Investment, Trade, and Industry. Malaysia ranks as India's third largest trading partner within the ASEAN (Association of Southeast Asian Nations), with total trade reaching $20.02 billion in the fiscal year 2023-24, which constitutes approximately 17% of India's overall trade with the bloc.

In addition to exploring solutions for outstanding matters and enhancing bilateral trade, both nations addressed the current evaluation of the ASEAN India Trade in Goods Agreement (AITIGA). They reached a consensus to expedite the AITIGA review, aiming for its completion by 2025. Malaysia will hold the position of ASEAN Chair in that year. The trading bloc includes Brunei, Cambodia, Indonesia, Laos, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.