UK And Malaysia Sign Comprehensive Trade Agreement
The UK and Malaysia have signed a historic trade agreement that will boost economic ties between the two nations. The agreement was signed on December 18, 2020, marking an important milestone in the relationship between the UK and Malaysia.
Malaysia is a key trading partner for the UK in Southeast Asia, and this comprehensive trade agreement will ensure the continuity of trade and investment between the two countries after the UK`s departure from the European Union. The trade agreement covers a wide range of areas, including trade in goods, services, and investment.
As part of the agreement, the UK will eliminate tariffs on all Malaysian goods immediately after the agreement comes into effect. This means that Malaysian exporters will have better access to the UK market, which will help to boost Malaysia`s exports to the UK.
The agreement will also provide greater protection for UK businesses that invest in Malaysia. This will include measures to protect intellectual property rights and ensure that UK companies are treated fairly by the Malaysian government.
In addition to the trade in goods and services, the agreement also covers the movement of people between the two countries. This will include provisions for business visitors, investors, and professionals to travel between the UK and Malaysia without the need for a visa.
The agreement also includes provisions to support sustainable economic development in Malaysia. This will include cooperation on environmental and labour standards, as well as measures to promote sustainable investment and trade.
The UK-Malaysia trade agreement is a significant milestone for both countries. It will help to strengthen economic ties between the UK and Malaysia, and provide a platform for future cooperation in areas such as technology, innovation, and sustainable development.
As the world continues to navigate the challenges posed by the COVID-19 pandemic, trade agreements like this one will play an important role in supporting economic recovery and growth. By providing greater certainty and stability for businesses, these agreements can help to drive investment, job creation, and economic growth in both the UK and Malaysia.