Malaysia’s Economy Minister Rafizi Ramli and Singapore’s Minister for Trade and Industry Gan Kim Yong signed the agreement on Thursday in the presence of the prime ministers of the two countries.
Malaysia and Singapore agreed to jointly develop a special economic zone and explore a range of measures including passport-free travel to boost trade between the neighbors that each count the other as the No. 2 trading partner.
The pact to establish the area — where companies operate with little regulation or government interference — in Malaysia’s southern Johor state will boost business activity and improve connectivity, according to a joint statement.
