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India and Malaysia Elevate Ties to Comprehensive Strategic Partnership, Focus on Trade, Defense, and Regional Security

By99notes

(Source: Indian Express; Section: Govt & Politics; Page: 06)

Topic: GS2 – International Relations – Bilateral Relations
Context:
  • India and Malaysia have elevated their bilateral relationship to a Comprehensive Strategic Partnership during a meeting between Prime Minister Narendra Modi and Malaysian Prime Minister Anwar Ibrahim.
  • This marks Ibrahim’s first visit to India as Prime Minister..

 Analysis of News:  

About Comprehensive Economic Partnership Agreement (CEPA):

  • It is a type of free trade pact that covers negotiation on the trade in services and investment, and other areas of economic partnership.
  • CEPA also looks into the regulatory aspect of trade and encompasses an agreement covering the regulatory issues.

 

Economic and Defense Cooperation

  • The leaders emphasized the potential for expanded economic cooperation, focusing on trade, investment, fintech, and semiconductors. They also discussed new possibilities in the defense sector and reaffirmed their commitment to combating terrorism and extremism.

Regional Security and International Law

  • Modi underscored the importance of freedom of navigation and overflight in the South China Sea, advocating for peaceful dispute resolution in line with international laws.

Commitment to Counterterrorism

  • Both leaders condemned terrorism, urging states to reject it in all forms, and agreed to work together to bring terrorists to justice.
  • They also discussed the connection between terrorism and transnational organized crime.

Strengthening Bilateral Ties

  • The visit reflects a strengthening of ties between India and Malaysia, particularly in the context of ASEAN and the Indo-Pacific region.
  • Despite past tensions, such as those arising from Malaysia’s stance on Kashmir in 2019, the two nations are committed to reinvigorating their relationship across various fields.
Challenges and Prospects in India-Malaysia Economic Ties
  • The business relationship between India and Malaysia faces challenges that could slow down economic growth, such as geopolitical tensions, global demand stagnation, and higher import tariffs.
  • However, the strong trade ties between the two countries are expected to persist.
  • Despite these challenges, India and Malaysia have formed a strong strategic partnership, with both countries being members of important global forums like the Commonwealth of Nations, NAM, G-15, and G-77, which support their cooperation.
  • There are many opportunities to strengthen bilateral relations further.
  • Efforts like avoiding double taxation, mutual customs assistance, improving air connectivity, and collaborations among airlines can boost trade and tourism.
  • Additionally, factors such as a vibrant diaspora, steady GDP growth, a younger population compared to China, expected increases in Foreign Direct Investment (FDI), and rapid digitization are promising for future trade.
  • The recent revival of the India-Malaysia Joint Commission Meeting after 12 years shows renewed commitment to cooperation.
  • The upcoming amendment to the Malaysia-India Comprehensive Economic Partnership Agreement (MICECA), which will include new economic sectors, is aimed at reaching a trade volume of US$25 billion within the next three years.
  • By exploring new sectors, diversifying trade, and fostering beneficial collaborations, both countries can support India’s goal of becoming the world’s third-largest economy by 2027 and strengthen ties with ASEAN.
Practice Question:  Discuss the significance of India and Malaysia elevating their relationship to a Comprehensive Strategic Partnership. How does this development impact India’s strategic interests in Southeast Asia and the Indo-Pacific region? (250 words/15 m)
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