KUALA LUMPUR: The Ministry of Investment, Trade and Industry will commence the first round of free trade agreement negotiations with the Gulf Cooperation Council countries in December.
MITI secretary-general Datuk Hairil Yahri Yaacob stated that the time is now ripe for Malaysia to expand its trade with GCC countries.
He confirmed that MITI has signed the Comprehensive Economic Partnership Agreement with the United Arab Emirates.
Malaysia and the UAE will implement the agreement once both countries conclude their domestic procedures.
“We are in the process of getting the legal procedures completed soon, and next month the agreement will be in force,“ Hairil told reporters after the opening ceremony of the Arab Malaysian Chamber of Commerce’s 15th annual general meeting.
He revealed that chief negotiators for both Malaysia and the GCC met physically a couple of months ago.
“We will have full-fledged negotiations in December in one of the GCC countries,“ he added.
Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Aziz reiterated Malaysia’s strong commitment to its Arab partners.
He expressed Malaysia’s intention to strengthen ties beyond trade and investment with Middle Eastern nations.
The Malaysia External Trade Development Corporation will engage in continuous dialogue with partners from the Middle East to enhance trade relations.
Tengku Zafrul highlighted that the Middle East has become a source of foreign direct investments and a primary market for Malaysian products.
Many Malaysian products from Proton cars to commodities were exported to the Middle East region.
The halal industry potential has been explored and initiated between Malaysia and Middle Eastern countries.
Malaysia continues to offer a stable, open, and business-friendly environment for international partners.
The country’s strategic geographic location at the heart of ASEAN provides significant advantages for trade.
Malaysia boasts a multilingual and skilled workforce along with strong legal and intellectual property protections.
These factors make Malaysia an attractive partner for Gulf Cooperation Council countries in upcoming trade negotiations. – Bernama