KUALA LUMPUR, Jan 30 — Australia and Malaysia have attained significant economic progress, as well as regional peace and stability, since the upgrading of its ties to a Comprehensive Strategic Partnership (CSP) in 2021.
In that time, the two sides have also seen stronger cooperation in dealing with issues — ranging from climate change and energy transition to health security.
“This is the culmination of a partnership which is supported at the highest level. It commits us to further deepen cooperation between countries in new areas, and modernise our relationship for generations to come,” said a media statement from the Australian High Commission in Kuala Lumpur, celebrating the second anniversary of the signing of CSP (signed on January 27, 2021). To build mutually beneficial economic relations, in 2023 Australia will draft a new Southeast Asia Economic Strategy for 2040.
In the latest data, Malaysia is Australia’s second-largest trading partner among Asean member countries and the 9th largest trading partner in the world.
According to the media statement, the main focus of bilateral trade is in the fields of agriculture, fisheries and forestry products, as they complement each other and have great potential to grow.
Climate change and the green economy are further priorities, with both countries committed to achieving net zero greenhouse emissions by 2050.
“At COP27 last November, we (Malaysia – Australia) jointly launched a project to build Malaysia’s Greenhouse Gas Information Management System, which will enable efficient calculation of greenhouse gas emissions.
“We are also exploring new opportunities in the green energy transition, including renewable energy sources, battery storage, grid management, and hydropower and hydrogen storage,” the statement added.