The Malaysian government is bolstering trade cooperation with Indonesia, ranging from the digital economy to the halal economy. Malaysia's Minister of International Trade and Industry, made these remarks during the ASEAN Summit. Indonesia remains Malaysia's largest trading partner, with significant Malaysian investments. Currently, Malaysia-Indonesia trade amounts to USD 30 billion. This trade primarily involves chemicals, petrochemicals, palm oil, and related products. The countries want to further boost trade in digital and e-commerce for small and medium-sized enterprises (SMEs). The aim is to ensure that the benefits of this trade are not limited to large corporations alone.
 
Another sector with significant potential that needs strengthening is the halal economy. Many countries worldwide look to Malaysia and Indonesia for products with halal certification. They want to come and establish factories. The companies must also take the opportunity to certify their products as halal to access larger markets. Presently, Indonesia and Malaysia share the same halal standards. These standards were aligned through a memorandum of understanding witnessed by President Jokowi during his meeting with Malaysian Prime Minister in Kuala Lumpur, Malaysia, in June of the same year. This memorandum of understanding on halal certification as a significant achievement, as previous attempts to reach an agreement had been elusive. Initially, both countries were interested in protecting their markets. With this agreement, Indonesian companies can now export directly to Malaysia without having to wait for Malaysian halal certification. The halal certification process had previously been quite lengthy. Many Indonesian goods that wanted to be exported to Malaysia had to wait for 2-3 years for halal certification. But now, if it's labeled 'Halal' in Indonesia, it's considered halal in Malaysia. Currently, the halal certification process has become faster. However, within ASEAN, Thailand is the fastest in issuing halal certificates, with certification taking just one month. In addition to e-commerce and the halal economy, progress has been made in the Indonesia-Malaysia economic cooperation across borders, especially in Kalimantan. There has been progress in this cooperation, making it easier for people in Kalimantan, Sabah, and Sarawak. They can now bring in daily necessities without facing immigration bureaucracy.

Source: https://bisnis.tempo.co/amp/1768471/malaysia-indonesia-tingkatkan-kerjasama-ekonomi-halal