Malaysia Seals Agreement Starting Trade negotiations with GCC, Business Target – Tengku Zafrul

Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said MGFTA would help reduce tariffs, not obstacles, encourage business mobility and increase regulatory cooperation and believe that trade valued at US $ 22 billion (US $ 1 = RM4.21) last year will continue to grow.

“In terms of sectors, we focus on electricity and electronics (E&T), semiconductors, halal products, especially palm oil and chemicals and petrochemicals.

“Through this negotiation, we hope to see an increase in investment from GCC to Malaysia and better access to Malaysian companies to the region market,” he told reporters today.

He said this after signing a joint statement with GCC Secretary General Jasem Mohamed Albudaiwi outside the 46th ASEAN Summit and related Summit in the Kuala Lumpur Convention Center (KLCC) here.

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It was witnessed by Prime Minister Datuk Seri Anwar Ibrahim and Crown Prince Kuwait Sheikh Sabah Al-Khaled Al-Hamad al-Sabah.

GCC consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).

Tengku Zafrul said the MoU symbolizes a new beginning in cooperation between Malaysia and the Gulf Countries with several aspects described, which offers the opportunity to focus on various main fields.

Asked whether Miti set a projection for MGFTA, she said it depends on the results of negotiations.

“When we started negotiations, we will see the details. From there, we can budget, projections in our position but at least we know we start from US $ 22 billion.

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He said MGFTA was an extension of the Malaysian-Aee (CEPA) comprehensive economic partnership agreement, which was signed during Anwar’s visit to Abu Dhabi in January.

In 2024, the total trade between Malaysia and GCC reached US $ 22.3 billion (RM101.81 billion), with large exports consisting of E& E products, jewelry, petroleum products, palm oil products and products based on palm oil and processed food.

FTA Malaysia-GCC aims to increase trade by reducing tariff and non-tariff barriers, promoting business mobility and increasing regulatory cooperation.

The 46th ASEAN Summit also featured two important high-level ASEAN-Cooperation (GCC) 2nd high-level meetings and the first ASEAN-GCC-China Summit.

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Source: Named