Malaysia, GCC to sign free trade deal, boost investment ties
24 Sep 2024
The free trade agreement (FTA) between Malaysia and the members of the Gulf Cooperation Council (GCC), which is set to be signed, will place emphasis on trade and investment ties between both parties.
Foreign Minister Datuk Seri Mohamad Hasan said Malaysia and GCC members — Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE) — are in the final stages of concluding the FTA.
Mohamad noted that trade and investment relations between Malaysia and the GCC members are highly significant, with economic cooperation expected to yield substantial benefits for both sides.
“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.
“The FTA document is currently being finalised and is expected to be signed in the near future,” he told the media when met at the Permanent Mission of Malaysia to the United Nations here yesterday.
Prior to this, Mohamad held bilateral talks with GCC secretary-general Jasem Mohamed Albudaiwi, which took place on the sidelines of the 79th United Nations General Assembly.
Meanwhile, Mohamad informed that Jasem is expected to attend the Asean-GCC Summit in conjunction with the Asean Summit 2025, which will be held in Kuala Lumpur next year.
He added that Jasem had expressed his willingness to arrange official invitations for GCC members to participate in the summit.
In August, Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz said Malaysia aims to establish an FTA with the six GCC members as a bloc, as well as bilateral agreements in the Middle East, to enhance commercial ties with this key economic region.
He noted that Malaysia is also set to finalise a bilateral agreement with the UAE by the end of this year.
Saudi Arabia, the largest economy in the region, is also facilitating Malaysia’s FTA negotiations with the GCC, said Tengku Zafrul.
Source: Bernama
