India and Malaysia announced on Sunday their intention to expand their collaboration across trade, investment, defence, energy, and high technology. Prime Minister Narendra Modi indicated that the two countries would support peace and stability in the Indo-Pacific.
The agreement after years of negotiations in Kuala Lumpur took place between PM Modi and Malaysian Prime Minister Anwar Ibrahim during the two-day visit of the Indian leader.
Speaking after the meeting to the media, PM Modi said that the relationship was special and based on centuries of maritime and cultural interaction.
He claimed that the two governments were committed to ensuring that political goodwill was converted into real economic results. Eleven agreements and understandings were signed, which included a framework arrangement that would advance the further collaboration in the semiconductor sphere, which is considered to be one of the key to future supply chains and technological robustness.
The leaders also embraced the initiatives to facilitate settlement of trade in local currencies, Indian rupee and Malaysian ringgit. Authorities in both of the regions perceive the move as an effective move to protect bilateral trade against global turbulence and also simplify transactions among businesses.
The issues related to security and strategies were prominent during the discussions. PM Modi reaffirmed the indifferent position of India against terrorism, saying there should be no second opinion or compromise.
An agreed statement on the post-talk said that the two nations strongly denounced terrorism in all its manifestations, including cross-border networks, and committed to enhanced collaboration to curb radicalisation, terror financing and the abuse of new technologies.
Malaysia had expressed its support in the long standing permanent membership application of India into a reformed United Nations Security Council. The two leaders also undertook to have greater multilateral forums coordination and to drive reforms that would bring global institutions closer to the realities of the present.
Mr. Modi emphasized the fact that the Indo-Pacific is emerging as the driver of world development and revitalized the core position of the Association of Southeast Asian Nations in the regional structure.
He added with the support of Malaysia that India would keep increasing its involvement with ASEAN including attempts to speed up the revision of the ASEAN-India Trade in Goods Agreement.
Prime minister Ibrahim in his part lauded the fast economic growth of India and noted that Malaysia will gain through increased cooperation with New Delhi. He called the move to promote trade in local currency astonishing and indicated possibilities in investment, technology and energy.
In the visit, Mr. Modi received Malaysian ministers, parliamentarians and senators of Indian origin and recognized their role in bilateral relations.
He also met with top business people in the country, urging Malaysian-based companies to join India in its growth journey, especially in the areas of infrastructure, renewable energy, digital technologies, artificial intelligence and healthcare.
Mr. Modi announced the decision to establish a new Consulate General in Malaysia in India, stating that institutional connections were going to contribute to the growth of people-to-people and business interaction.
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Both leaders gave the partnership a stabilising force against the background of uncertainty in the world. Having new agreements and the political orientation to the same direction, India and Malaysia indicated their desire to enter the relationship into a more ambitious and strategic stage.
