Kuala Lumpur: Malaysia plans to focus on strategic engagements with free trade agreement (FTA) partners and emerging markets this year in an effort to increase its exports, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
According to BERNAMA News Agency, the economies of emerging markets have been growing rapidly over the years, including regions such as Africa, the Middle East, and Latin America. In addition, the minister stated that the Malaysia External Trade Development Corp (MATRADE) is actively pursuing opportunities with non-traditional markets that are also Malaysia’s FTA partners such as Peru and Mexico. ‘The benefits of these FTAs include zero-rate tariffs, and preferential market access will make Malaysian products and services more attractive and competitive,’ he said in a pre-recorded keynote speech at an event titled ‘Malaysia’s 2024 trade performance: Navigating Trade Winds of 2025’ today.
Tengku Zafrul highlighted that last year, the Investment, Trade and Industry Ministry (MITI) and its agencies were part of Prime Minister Datuk Seri Anwar Ibrahim’s delegation during his visits to Egypt and BRICS member states such as Brazil and India to strengthen trade relations. ‘In the last two weeks, I was with the Prime Minister in the United Arab Emirates (UAE) for the Middle East market engagement,’ he noted, adding that the country continues to pursue more bilateral trade agreements. On January 14, Malaysia signed the Comprehensive Economic Partnership Agreement (CEPA) with the UAE. ‘This is Malaysia’s first FTA with a Gulf Cooperation Council (GCC) member and it has actually set a new record for the nation as the fastest FTA to be concluded – in just 11 months,’ he mentioned.
The minister also stated that MITI is intensifying its outreach to second-tier cities in China and Indonesia as part of the diversification strategy, focusing on cities such as Chongqing, Chengdu, Nanjing, Medan, Surabaya, and Pontianak. ‘These cities are currently undergoing rapid urbanisation and economic growth with fast-growing populations that will create huge demands for products and services,’ he elaborated.
As the 2025 ASEAN chair, Tengku Zafrul announced, Malaysia aims to position the region as a hub for trade and investment by deepening economic cooperation and enhancing supply chain resilience. ‘Agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are vital tools for mitigating global trade disruptions. These frameworks enhance regional supply chains and expand market access for Malaysian businesses, providing a solid foundation for continued growth,’ he added.
Meanwhile, MATRADE chairman Datuk Seri Reezal Merican Naina Merican shared that Malaysia achieved its highest-ever trade value in 2024 — RM2.88 trillion, a 9.2 percent increase from 2023. Exports grew by 5.7 percent to RM1.508 trillion, marking the second time the figure surpassed RM1.5 trillion, with the first time being in 2022 when exports hit RM1.550 trillion. Imports increased by 13.2 percent to RM1.371 trillion, contributing to a trade surplus of RM136.88 billion, the highest trade value ever recorded in the nation’s history.
Reezal Merican noted that the positive momentum achieved in 2024 will serve as a catalyst to drive MATRADE further in elevating Malaysia’s trade performance this year. He revealed some of MATRADE’s initiatives and programmes for 2025, including participation in at least 24 trade fairs such as Gulfood, Paris Air Show, and Semicon SEA. MATRADE plans to launch an interactive and intelligent platform — MADANI Digital Trade — for its partners, exporters, importers, and customers. Furthermore, it will host a Women in Export Conference to recognise women entrepreneurs and empower them to thrive in local and global markets. For the first time, MATRADE will also host the National Export Awards Day aimed at honouring the outstanding contributions of the nation’s exporters.