KUALA LUMPUR, Sept 18 — The Investment, Trade and Industry Ministry (Miti) will commence the first round of free trade agreement (FTA) negotiations with the Gulf Cooperation Council (GCC) in December, said Miti secretary-general Datuk Hairil Yahri Yaacob today.
He said Miti has signed the Comprehensive Economic Partnership Agreement, and Malaysia and the United Arab Emirates would implement the deal 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. As for the GCC, we will start negotiations soon. In fact, chief negotiators for both Malaysia and the GCC met in person a couple of months ago.
“We will have full-fledged negotiations in December in one of the GCC countries,” he told reporters after the opening ceremony of the Arab Malaysian Chamber of Commerce’s 15th annual general meeting here today.
Earlier, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz reiterated Malaysia’s strong commitment to its Arab partners and is looking forward to strengthening ties beyond trade and investment.
He said the Malaysia External Trade Development Corporation (Matrade) will engage in a continuous dialogue with partners and counterparts from the Middle East to enhance trade relations with Malaysia, as the Middle East has been a key trading partner for Malaysia.
“Indeed, economic and trade matters have gained prominence in Malaysia’s policy towards the Middle East. Over the years, this region has become not only a source of foreign direct investments (FDIs) but also a primary market for Malaysian products and businesses.
“For instance, many products of various levels from Proton cars to commodities were exported to the Middle East; whilst the halal industry potential was explored and initiated,” Tengku Zafrul said in his speech, which was read by Hairil.
Tengku Zafrul highlighted that Malaysia continues to offer a stable, open, and business-friendly environment, coupled with several other advantages such as a strategic geographic location at the heart of Asean, a multilingual and skilled workforce, as well as strong legal and IP protections.
