Malaysia's ASEAN Chairmanship To Enhance Trade With ASEAN Plus : MATRADE

Malaysia's ASEAN chairmanship next year presents an excellent opportunity for the country to expand and strengthen trade relations, not only with ASEAN members but also with neighbouring ASEAN Plus countries, according to the Malaysia External Trade Development Corporation (MATRADE).

Its chairman, Datuk Seri Reezal Merican Naina Merican emphasised that ASEAN is Malaysia's largest export market, accounting for nearly 26% of trade, while approximately 18% of Malaysia's total global exports are directed to the region.

“With Malaysia's ASEAN chairmanship, we will have a greater opportunity to grow and enhance trade relations, not just with ASEAN but also with the ASEAN Plus partners.

“During the ASEAN Summit, we usually engage ASEAN Plus partners, namely ASEAN Plus China, ASEAN Plus India, and ASEAN Plus Korea. All these are strategic partners of ASEAN,” Reezal said at a press conference during the Malaysia International Halal Showcase (MIHAS) 2024.

The 20th MIHAS 2024 was officiated by Prime Minister Datuk Seri Anwar Ibrahim.

Commenting on MIHAS 2024's impact on shaping the future of the halal industry, Reezal highlighted the significant potential of the halal sector.

He pointed out that the halal economy is currently valued at US$3 trillion, with global demand for halal products and services projected to reach US$5 trillion by 2030. (US$1 = RM4.30).

“It will be in tandem with the increase in Muslim consumers. Currently, Muslim consumers stand at 1.9 billion. This figure will rise to 2.3 billion by 2030, constituting almost 26% of the world's population,” he said.

Reezal said halal products are not only for Muslim consumers but are increasingly preferred by people in various countries.

“This preference is due to halal products and services aligning with certain environmental, social, and governance standards, particularly regarding hygiene, security, and the entire production process, including ingredients. This alignment makes halal products highly desirable,” he added.