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Norway plans to sign the EFTA-Malaysia Free Trade Agreement with Malaysia by 2024 to promote business cooperation between the two sides.
Norway’s trade ministry said the two countries have potential for cooperation in energy, maritime and satellite-based surveillance. Norway has expressed strong interest in Malaysia’s green transition plans, with a particular focus on carbon capture, storage and green hydrogen. The two countries are concerned about sustainable development, and Norway has expressed its willingness to share its experience with Malaysia and believes that Malaysia has the potential to become a carbon storage hub in Asia.
According to the Malaysian External Trade Development Corporation (Matrade), Malaysia’s trade with Norway grew by 21% year-on-year, with exports to Norway reaching RM807.19 million and imports reaching RM1.05 billion in 2022.
(Source: Bernama Image source: freepik)
