China elevates Malaysia ties, aims to triple trade by 2017
China and
Malaysia agreed on Friday to elevate bilateral ties to a "comprehensivestrategic partnership", aiming to boost military cooperation and nearly
triple two-way trade to $160 billion by 2017. Chinese President Xi Jinping and
Malaysian Prime Minister Najib Razak spoke soon after U.S. President Barack
Obama cancelled a week-long tour of four Asian nations, including Malaysia, due
to the U.S. government shutdown. China is already Malaysia's largest trading
partner, with two-way trade last year totalling 181 billion ringgit. Trade
between the two countries, which rose at an average annual of 15.7 percent
between 2002 and 2012, is expected to hit $70 billion by the end of this year.
"We haveagreed to strengthen our partnership with naval defence, joint military
exercises to combat terrorism and promote security," Xi told a news
conference in the Malaysian administrative capital Putrajaya. "This will
create a sound environment for peace and the prosperity of both
countries," he said. Faced with China's growing influence across the
region, Obama announced in 2011 a pivot towards Asia as the United States
brought wars in Iraq and Afghanistan to an end. In addition to soaring trade,
Malaysia has seen an increased flow of Chinese investments in recent years in sectors
such as logistics and property.
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