PALMOILMAGAZINE, PUTRAJAYA – Trade in palm oil and other agricultural commodities between Malaysia and China is expected to improve with a forthcoming memorandum of understanding (MoU) set to be signed by the end of this year.
Datuk Chan Foong Hin, Vice Minister of Plantation and Commodities for Malaysia, stated that the MoU will mark a significant milestone in the 50th anniversary of diplomatic relations between the two countries.
“The MoU will be finalized by the end of the year, either during the visit of Chinese Prime Minister Li Qiang to Malaysia or during the visit of Malaysia’s Minister of Plantation and Commodities, Datuk Seri Johari Abdul Ghani, to China,” Chan said.
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The MoU would be signed by Malaysia’s Minister of Plantation and Commodity and Minister of Agriculture and Rural Affairs of China. Chan also mentioned, by the collaboration, palm oil trade would be better and would hit the new highest level in the history. The increasing palm oil exports with additional values to China would be part of new direction in the ministry.
China has become the biggest trade partner of Malaysia for the past 15 years in a row. The two countries have had friendly and collaborative connection. In 2023, Malaysia exported goods for about RM 192,2 billion to China with the agricultural exports reaching about RM 11,03 billion, then rubber (RM 5,43 billion), wood (RM 2,83 billion), cocoa (RM 684 million), tobacco (RM 18,43 million), and pepper (RM 11,88 million). (P2)
