Latest news with #Malaysia-GCC
The Star
26-05-2025
- Business
- The Star
Malaysia, Gulf Cooperation Council launch FTA negotiations
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz KUALA LUMPUR: 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. Meanwhile, the joint statement launching the negotiations was signed by Tengku Zafrul and GCC Secretary General Jasem Mohamed Albudaiwi. The signing took place on the sidelines of the ASEAN-GCC Summit in Kuala Lumpur, highlighting the strategic importance of the initiative. The exchange of the joint statement was witnessed by Prime Minister Datuk Seri Anwar Ibrahim and Kuwait Crown Prince Sheikh Al-Khaled Al-Hamad Al-Mubarak Al-Sabah. - Bernama
Barnama
26-05-2025
- Business
- Barnama
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.
Barnama
25-05-2025
- Business
- Barnama
Tengku Zafrul Confirms Malaysia-GCC FTA Talks To Start Soon
Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Aziz speaks at a press conference after the conclusion of the ASEAN Economic Community Council meeting today. The meeting was held on the sidelines of the 46th ASEAN Summit at the Kuala Lumpur Convention Centre. -- fotoBERNAMA (2025) COPYRIGHT RESERVED By Karina Imran KUALA LUMPUR, May 25 (Bernama) -- Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz today confirmed a Bernama report that Malaysia and oil-rich Gulf Cooperation Council (GCC) countries will sign a Free Trade Agreement (FTA) soon. Tengku Zafrul said today that both parties are working on arrangements for the official launch of the FTA negotiations and that a joint declaration of intent is expected to be announced soon. Bernama yesterday reported that negotiations for a FTA between Malaysia-GCC countries are expected to start on May 27, 2025. The minister said that during his visit to the GCC office in Saudi Arabia last week, he had talked to the Secretary General of GCC (Jasem Mohamed AlBudaiwi) 'about trying to make sure that we put this on the fast track and complete this within one year.' Malaysia has experience dealing with one of the GCC countries in forging an FTA. 'We just completed our Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE), for example, and that was done in a record 10 months. 'So, this is a chance for us to continue with GCC as a whole, so that we can expand our trade and investment between Malaysia and GCC,' he said. GCC, established by an agreement concluded on May 25, 1981, is a regional political and economic alliance whose member states include Saudi Arabia, UAE, Qatar, Oman, Kuwait and Bahrain.
