Free trade talks with GCC on, FTA with UAE by year-end, says Tengku Zafrul


Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz — GLENN GUAN/The Star

NEW DELHI: Malaysia is continuing discussions with the Gulf Cooperation Council (GCC) for a free trade agreement (FTA) while a bilateral pact with the United Arab Emirates (UAE) will be concluded by the end of this year.

Malaysia is looking to have an FTA with the six-member GCC as a bloc, as well as bilateral agreements in West Asia to boost commercial relations with a major economic region, Minister of Investment, Trade, and Industry Tengku Datuk Seri Zafrul Tengku Abdul Aziz said.

Saudi Arabia, the region's largest economy, is coordinating the GCC's free trade talks with Malaysia.

Malaysia, which at present has seven bilateral FTAs and nine multilateral FTAs, is discussing such agreements with a number of countries.

"We are going to complete the one with UAE by the end of this year," Tengku Zafrul told Bernama in New Delhi on Wednesday.

It will be Malaysia's first such pact with any Arab country and signifies rapid growth in commercial links with the Gulf region.

"There are talks with all GCC countries, including Saudi Arabia, for bilateral agreements,” Tengku Zafrul said. - Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Business News

Ringgit maintains stronger footing at the close
Gagasan Nadi Cergas to acquire polytechnic concessions for RM185mil
F&N ends FY24 with higher net profit of RM542.77mil
Bursa Malaysia reverses early losses to end higher ahead of MPC outcome
Proton October sales up 13.6%, YTD hits 125,557 units
TCS secures RM86.38mil construction contract from Sime Darby Property
Oil trades in tight range ahead of US election
China shares jump, dollar skittish with all eyes on US Election Day
Bank Negara unveils key principles to harness Islamic finance for economic growth
Aneka Jaringan unit secures RM39mil contract for KL project

Others Also Read