Indonesian President Joko Widodo, center, walks with Malaysian Prime Minister Anwar Ibrahim as they visit a local wet market in Kuala Lumpur, Malaysia, Thursday, June 8, 2023. (AP Photo/Vincent Thian) Indonesian President Joko Widodo, center, walks with Malaysian Prime Minister Anwar Ibrahim as they visit a local wet market in Kuala Lumpur, Malaysia, Thursday, June 8, 2023. (AP Photo/Vincent Thian) Indonesian President Joko Widodo, center, walks with Malaysian Prime Minister Anwar Ibrahim, second left, as they visit a local wet market in Kuala Lumpur, Malaysia, Thursday, June 8, 2023. (AP Photo/Vincent Thian) Indonesian President Joko Widodo, third right, talks with a local vendor with Malaysian Prime Minister Anwar Ibrahim, fourth right, as they visit a local wet market in Kuala Lumpur, Malaysia, Thursday, June 8, 2023. (AP Photo/Vincent Thian) In this photo released by Malaysia's Department of Information, Indonesian president Joko Widodo, center, is greeted by representatives from Malaysian government upon the arrival at KLIA international airport in Sepang, Malaysia Wednesday, June 7, 2023. (Malaysia's Department of Information via AP)
PUTRAJAYA, Malaysia (AP) — Malaysia and Indonesia signed agreements Thursday that ended longstanding maritime border disputes and vowed to bolster cooperation to fight “highly detrimental discriminatory” measures against palm oil.
Visiting Indonesian President Joko Widodo and Malaysian Prime Minister Anwar Ibrahim witnessed the signing of two landmark treaties on the delimitation of the nations' territorial seas in parts of the Straits of Malacca and the Sulawesi Sea. Other signed pacts included plans to improve border crossings, strengthen border trade and promote investment.
“After 18 years of negotiations ... praise be to God, it has finally been resolved,” Widodo told a joint news conference, in reference to the sea treaties.
Widodo arrived in Malaysia on Wednesday accompanied by his wife and Cabinet ministers after a short visit to Singapore. His two-day visit reciprocates Anwar's trip to Indonesia in January, shortly after Anwar took office.
In a joint statement after their meeting, the leaders said the signing of the treaties will provide a strong foundation for future maritime boundary negotiations. They pledged to resolve other land boundary issues by June 2024.
The two leaders also reiterated their stand to cooperate closely to battle the European Union's “highly detrimental discriminatory measures” against palm oil. They urged the EU to work toward a “fair and equitable resolution.”
“We will speak in one voice to defend the palm oil industry,” Anwar told the news conference.
The EU introduced a new law this year banning the import of commodities linked to deforestation, a move that is expected to hit Malaysia and Indonesia. The two countries, which jointly account for 85% of global palm oil output, reportedly sent a joint mission to Brussels last week to try and resolve the matter with the EU.
Jokowi said the two countries also agreed to set up a mechanism to better protect Indonesian migrant workers in Malaysia, without giving details. Indonesians make up the bulk of over two million foreign workers in Malaysia, mostly in plantations, industries and as maids.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Click the link below and we'll send you MarketBeat's guide to investing in 5G and which 5G stocks show the most promise.
Get This Free Report