The ministers welcomed the recent implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which entered into force last month as a significant step in boosting bilateral trade. They emphasized the importance of supporting businesses in both countries to utilize the agreement effectively, a UK government release stated.
In a joint statement, the ministers announced an ambitious work plan to foster collaboration in key areas, including legal services, education, standards and conformity assessment, agriculture, food and drink, and small and medium-sized enterprises (SMEs).
The agreement includes establishing a new Agriculture, Food and Drink Working Group to address trade barriers and promote policy exchange. The two nations also committed to further cooperation in legal services, building upon the existing Legal Services Working Group that has already facilitated the extension of Qualified Foreign Law Firm (QFLF) licenses from three to five years. This positive step bolsters business certainty for UK law firms in Malaysia.
In education, the UK and Malaysia will work together on transnational education, student mobility, skills development, and teacher training. Collaboration on standards and conformity assessment will aim to reduce technical trade barriers and facilitate market access.
Other initiatives include training programs for Malaysian enforcement officers to combat counterfeit alcohol and sharing best practices for supporting SMEs. The two countries also discussed potential cooperation in customs, Islamic finance, cooperatives, and social enterprises.