Malaysia, Gulf Cooperation Council Launch FTA Negotiations
GENERAL
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz attends the ASEAN Leaders' Interface with ASEAN-BAC representatives, held in conjunction with the 46th ASEAN Summit at the Kuala Lumpur Convention Centre.
KUALA LUMPUR, May 26 (Bernama) -- Malaysia and the Gulf Cooperation Council (GCC) have officially launched negotiations for a Free Trade Agreement (FTA), marking a significant milestone in the deepening of economic and trade relations between the two sides.
The GCC comprises six member states: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said Malaysia considers the GCC to be one of its most valued trade partners in West Asia.
'The Malaysia-GCC FTA is not merely a trade arrangement, it represents a strategic platform to recalibrate and enhance our bilateral relationship. In a world beset with numerous uncertainties, this is also a timely opportunity to strengthen our collaboration and work together towards inclusive and shared prosperity,' he said in a statement today.
The FTA is expected to cover a wide range of areas, including trade in goods and services, investment, trade facilitation and broader economic cooperation.
In 2024, total trade between Malaysia and the GCC reached US$22.3 billion (RM101.8 billion), with key exports including electrical and electronic products, jewellery, petroleum products, palm oil as well as palm oil-based products and processed food.
The Ministry of Investment, Trade and Industry (MITI) said the FTA aims to expand this further by reducing tariff and non-tariff barriers, promoting business mobility, and enhancing regulatory cooperation.
The ministry noted that both Malaysia and GCC had expressed a shared vision for the agreement to respond to current global trade challenges and promote resilient, inclusive and innovation-driven growth.
'The launch of the Malaysia-GCC negotiations reaffirms Malaysia's commitment to strengthening trade ties with progressive regional blocs such as the GCC. Malaysia is optimistic about a constructive negotiation process that will deliver substantial benefits to both economies and their peoples,' it added.
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