Malaysia, GCC finalising FTA to boost economic ties
Business Today - 24 September 2024
Malaysia, GCC finalising FTA to boost economic ties
By Ainul ainul
Malaysia is in the final stages of concluding a free trade agreement (FTA) with the Gulf Cooperation Council (GCC), which includes Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). The agreement aims to enhance trade and investment relations between Malaysia and the GCC members.
Foreign Minister Datuk Seri Mohamad Hasan announced the progress during a media briefing at the Permanent Mission of Malaysia to the United Nations. He emphasised the importance of the economic cooperation between Malaysia and the GCC, highlighting its potential for substantial mutual benefits.
“We discussed efforts to enhance cooperation between Malaysia and the GCC members, which are now an incredibly important bloc, and we must not lose sight of this strategic relationship,” he stated. The FTA document is currently being finalised and is expected to be signed soon.
Mohamad recently held bilateral talks with GCC Secretary-General Jasem Mohamed Albudaiwi on the sidelines of the 79th United Nations General Assembly. He revealed that Jasem is set to attend the upcoming ASEAN-GCC Summit in conjunction with the ASEAN Summit 2025, scheduled to take place in Kuala Lumpur next year.
In August, Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz announced Malaysia’s goal to establish an FTA with all six GCC members as a bloc, as well as pursuing bilateral agreements in the Middle East to strengthen commercial ties. He also mentioned that a bilateral agreement with the UAE is expected to be finalized by the end of this year.
Additionally, Tengku Zafrul noted that Saudi Arabia, as the largest economy in the region, is facilitating Malaysia’s FTA negotiations with the GCC, reinforcing the strategic partnership between the two parties.
