A cargo port in Semarang, Central Java province, Indonesia. — VNA/VNS Photo

KUALA LUMPUR — Malaysia and Indonesia have ample scope to expand bilateral trade beyond the 114 billion RM (US$28 billion) recorded last year by fostering trade facilitation and improving cross-border goods movement, reported the local media.

Malaysian Minister of Investment, Trade and Industry Datuk Seri Johari Abdul Ghani said improved trade facilitation could substantially increase transaction volume, with the Border Trade Agreement playing an important role in facilitating economic activities.

"What is important is that we can actually double, triple, quadruple transaction volume if the two countries can strengthen trade facilitation," he told Malaysia's Bernama news agency after meeting his Indonesian counterpart Budi Santoso at the fourth Malaysia-Indonesia Joint Trade and Investment Committee (JTIC) meeting on September 3.

During a joint press statement with Budi following the meeting, Johari said the Border Trade Agreement was among the major areas discussed, alongside Indonesia's export policies, investment cooperation, standard requirements and halal cooperation. Technical teams from both countries are working on the issues, he said.

Both countries are also moving closer to reopening trade through the TebeduEntikong border route, with the remaining administrative matters expected to be handled soon. — VNA/VNS