INDIA–MALAYSIA CEOS FORUM CALLS FOR REVIEW OF CECA TO ALIGN WITH 21ST-CENTURY PRIORITIES

KUALA LUMPUR, Feb 7 (Bernama) -- The India-Malaysia CEOs Forum has called for a structured review of the Malaysia-India Comprehensive Economic Cooperation Agreement (CECA) to align with 21st century priorities such as digital trade, advanced services, and resilient supply chains.

The forum, which concluded its 10th meeting today, recommended expanding coverage to financial technology (fintech), renewable energy, and healthcare; recalibrating rules of origin for better small and medium enterprise (SME) utilisation; simplifying customs procedures; and boosting connectivity through more direct flights and shipping routes. 

“The forum also advocated aligning CECA enhancements with the ASEAN-India Trade in Goods Agreement (AITIGA) review to minimise regulatory barriers and promote regional value chain integration, particularly in electronics and semiconductors,” the Malaysia India Business Council (MIBC), which serves as the Malaysian secretariat, said in a statement.

On digital and artificial intelligence collaboration, it said the forum highlighted India’s rapidly growing digital economy, projected to contribute one-fifth of national income by 2029-2030, and its artificial intelligence (AI) ecosystem bolstered by the IndiaAI Mission. 

It said Malaysia’s emphasis on digital transformation complements these efforts, with both nations elevating digital cooperation under their Comprehensive Strategic Partnership. 

“This partnership is significantly supported by the Malaysia-India Digital Council (MIDC), established in 2024 during the meeting of the Honourable Prime Ministers in New Delhi. 

“The MIDC was a timely and visionary step, recognising the need for structured cooperation amid global digital transformation,” the council said. 

Looking ahead, a joint statement issued by the forum expressed its commitment to sustained dialogue through subgroups in priority sectors, namely Malaysia-India CECA, semiconductors and wafers, infrastructure, education and skills, healthcare, and digital and AI. 

It said the structure will facilitate industry-led inputs, policy alignment, and resolution of challenges in coordination with governments.

“The joint statement serves as both a reaffirmation of progress and a call to action, emphasising that the decisive steps of 2024 must now evolve into transformative advancements for a digitally empowered future,” it added.

The forum, which was officiated by Digital Minister Gobind Singh Deo, brought together prominent business leaders from both nations to advance trade, investment, and industrial collaboration. 

According to the statement, it also reviewed the progress of bilateral economic relations and outlined strategic recommendations to foster inclusive and sustainable growth amid evolving global dynamics.

-- BERNAMA