Malaysia and the United Kingdom (UK) are reportedly collaborating to pave the way for potential advancements in the digital economy for both nations.
This comes in the form of a Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which is slated to take effect by the end of 2024.
According to a post on Facebook as seen by A+M, digital minister Gobind Singh Deo said that the Malaysia-UK bilateral trade relationship is a critical impetus in advancing both nations’ digital economy potential.
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He added that the country’s key foundations in accelerating Malaysia’s growth, such as forward-looking national policies, ongoing digital-related legislation reforms such as passing the Cyber Security Bill 2024, and the presence of world-class digital infrastructure are already in place.
Speaking at the fifth Business Excellence Awards 2024, Deo reportedly said that the world stands on the brink of unprecedented technological advancement and that Malaysia must capitalise on the opportunities presented through collaboration. This is so that Malaysia can transform into a high-value, digital-based economy.
In tandem, the partnership presents a golden opportunity for both nations, particularly for the UK to gain access to the vibrant ASEAN market, said Deo according to Bernama.
He reportedly added that the upcoming Joint Economic and Trade Committee (JETCO) meeting will serve as crucial window to create new digital business opportunities.
The JETCO meeting is scheduled for the end of June between the trade ministers of both nations and their trade mission in conjunction with London Tech Week 2024, according to media reports.
In addition, Deo reportedly added that the ongoing partnership between Malaysia Digital Economy Corporation (MDEC) and British Malaysian Chamber of Commerce (BMCC) could be a key driver in advancing both nations’ bilateral trade relationships in the digital space.
The UK is not the only country Malaysia is partnering with to improve its digital economy. In March this year, it was reported that Malaysia and Australia have committed to enhancing its comprehensive cooperation in various industries that include the digital economy, cyber security, education, trade and investment.
Prime minister Anwar Ibrahim said that both countries are willing to explore information sharing, cyber development, immigration and demarcation issues, according to a post on X seen by A+M.
Both countries have agreed to expand existing cooperation in matters related to the vaccine ecosystem and clean energy transition as well.
Interest by investors and Australian companies in Malaysia also appears to be growing which shows their confidence in the nation, he reportedly added.
Other key areas that Malaysia is looking at to explore to further cooperation with Australia include renewable energy, green technology, education and food security.
Photo courtesy Gobind Singh Deo, Facebook
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