ASIATODAY.ID, KUALA LUMPUR – Malaysia and the United Arab Emirates (UAE) agreed on a free trade agreement (FTA) through the signing of the Comprehensive Economic Partnership between Malaysia and the UAE (MY-UAE CEPA).
Malaysian Prime Minister (PM) Anwar Ibrahim in a written statement, Tuesday, January 14 2024, said that the FTA was Malaysia’s first agreement with a member country of the Gulf Cooperation Council (GCC).
He said the agreement was expected to be a catalyst for trade and investment relations, not only between Malaysia and the UAE but also with other Gulf countries.
According to Anwar, MY-UAE CEPA will open up opportunities for deeper economic cooperation, including eliminating or reducing tariffs and increasing market access, which will encourage exports and create new investment opportunities in key sectors.
Malaysian Minister of Investment, Trade and Industry Tengku Zafrul in a statement said the FTA agreement with the UAE was the fastest free trade agreement to be completed, only 11 months.
Total trade between the two countries is estimated to increase by at least 60 percent within five years with the FTA.
According to Zafrul, Malaysia will also carry out FTA negotiations with other GCC member countries, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia.
Apart from witnessing the signing of the MY-UAE CEPA, PM Anwar also witnessed the signing of a memorandum of understanding (MoU) between Malaysian Minister of Home Affairs Saifuddin Nasution Ismail and UAE Minister of Investment Mohamed Hassan Alsuwaidi.
The MoU agrees to harness the transformational power of artificial intelligence (AI), advanced data analysis and high-performance computing to fight crime, prevent terrorism and improve public safety. (AT Network)
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