Palestine and Malaysia Sign Economic Cooperation Agreement and Exempt Palestinian Products from Customs Duties

SadaNews - The Ministry of National Economy and the Ministry of Investment, Trade and Industry of Malaysia signed a memorandum of understanding for economic, commercial, and technical cooperation between the two countries in order to enhance trade exchange and support the Palestinian economy.

The memorandum was signed in the presence of Malaysian Prime Minister Anwar Ibrahim, by the Secretary-General of the Ministry of Investment, Trade and Industry of Malaysia, Herb Yihari Yaakob, and on behalf of the Minister of National Economy, Muhammad al-Amour, by the Ambassador of the State of Palestine to Malaysia, Walid Abu Ali.

Minister al-Amour expressed his gratitude and appreciation to the State of Malaysia for its supportive positions towards the State of Palestine in various fields, especially in the economic sector, considering this memorandum an important step in building economic and commercial relations that benefit the Palestinian economy in light of the current challenges, and boosting national exports.

The minister praised the efforts of everyone who contributed to the achievement of this memorandum, especially the teams from the Ministries of National Economy and Foreign Affairs and Expatriates, and the Embassy of the State of Palestine in Malaysia.

Malaysia announced the exemption of a number of Palestinian agricultural and food products from customs duties for entry into the Malaysian market, in addition to working on removing non-tariff barriers to facilitate the flow of goods between the two countries.

Under the memorandum, cooperation will be enhanced in the fields of investment, development of industrial zones, and support for small and medium enterprises. The partnership also includes sectors such as tourism, energy, the digital economy, and the halal industry, in addition to exchanging expertise and organizing joint economic events.

The agreement stipulated the formation of a joint governmental economic committee headed by the ministers of economy of the two brotherly countries, in addition to establishing a "Joint Palestinian-Malaysian Business Council" to serve as a platform to activate the role of the private sector in both countries and expand commercial and investment partnerships.