International Trade and Industry Minister Datuk Seri Rafidah Aziz said Malaysia is considering discussing free trade agreement (FTA) with the Gulf Cooperation Council (GCC) countries.
The taxation environment in the GCC may be on the cusp of significant change.
Plans to put an India-Gulf Cooperation Council (GCC) Free Trade Agreement (FTA) in place have suffered a setback despite two rounds of talks earlier this year. According to officials, due to the absence of customs union and disagreement among the GCC countries, talks of an FTA with India are now stuck.
The economic security of the Gulf could be threatened by signing free trade agreements (FTAs), some experts said yesterday.
Gulf Arab states and the European Union are likely to finalise a free trade deal by June, the secretary-general of the Gulf Cooperation Council said on Monday.
European-Gulf negotiations on a joint free trade agreement have faltered anew due to fresh European economic preconditions for the signing, an Omani representative said Wednesday.
The EU has agreed to reduce import tariffs on aluminum and petrochemicals from the Gulf to zero in an attempt to conclude their FTA negotiations. In return, the EU wants the limit on foreigners owning majority stakes in Gulf companies ended.
The UAE is negotiating eight free-trade agreements with key economic blocks that will have an impact on trade worth Dh388 billion, according to 2005 figures, and cement the country’s position as the economic hub of the Middle East.
Negotiations between European Union and GCC officials at ministerial level have been delayed until May, an EU source announced yesterday.
A final deal which is expected to be clinched during Mandelson’s visit to the UAE and Saudi Arabia from February 24.
South Korea is actively considering forging a free trade agreement with six Gulf nations, its top economic official said Wednesday.
Representatives of the Mercosur and the Gulf Cooperation Council met yesterday in Rio de Janeiro to discuss a free trade agreement between both blocs.
While US free trade initiatives in the Gulf appear to be faltering, Europe has stepped into the vacuum, launching a charm offensive that appeared to be on the brink of clinching a trade pact with a bloc of six energy-rich Arab states.
Japan is expecting to finalise a Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC) by the end of 2007, according to a senior diplomat.
Bahrain and Pakistan have vowed to step up negotiations for a Free Trade Agreement (FTA), which could be signed before the end of the year.
The basic texts for the free trade agreement between Mercosur and the Gulf Cooperation Council (GCC), according to Brazilian diplomats, are going to be ratified during the summit of the South American bloc, to take place on January 18th and 19th in Rio de Janeiro.
After the suspension of FTA negotiations with the United Arab Emirates (UAE) in 2006, the Australian Government commissioned a study by the Department of Foreign Affairs and Trade into the merits and feasibility of an FTA with the GCC. Minister for Trade, Warren Truss, said the study found that an FTA would maximise Australia’s long-term commercial interest in the GCC.
The main reason for the delay in the finalisation of the GCC customs union was the unilateral decision by Oman, preceded by Bahrain, to sign a free trade agreement with the US.
The Gulf nations and Japan are the next in line for free trade agreements (FTAs) with India.
The Gulf Cooperation Council (GCC) and Singapore have agreed to start negotiations for a free trade agreement.