Latest news with #Malaysia-GCCFTA
Malaysian Reserve
23-07-2025
- Business
- Malaysian Reserve
MITI: Malaysia to host second round of EU Free Trade talks in November
KUALA LUMPUR — Malaysia is expected to host the second round of negotiations for the Malaysia-European Union Free Trade Agreement (MEUFTA) in November 2025, according to the Ministry of Investment, Trade and Industry (MITI). The ministry said the first round of MEUFTA talks took place in Brussels, Belgium, from June 30 to July 4, 2025, with 21 chapters currently under negotiation with the European Union (EU). 'In addition to traditional chapters such as trade in goods, rules of origin, customs and trade facilitation, services, and investment, the FTA with the EU also includes new chapters such as sustainable food systems and trade and sustainable development — topics which were not included when talks first began in 2010,' MITI said in a written reply published on the Parliament website today. The response was to a question by Datuk Seri Hasni Mohammad (BN–Simpang Renggam) on whether MITI plans to resume FTA talks with the EU and the Gulf Cooperation Council (GCC), and the areas of focus. MITI added that in 2024, bilateral trade between Malaysia and the EU reached RM218.9 billion (US$1=RM4.23), with exports totalling RM115.8 billion and imports RM103.1 billion. Malaysia's main exports to the EU included electrical and electronic products, manufactured goods, palm oil and related products, processed foods, and optical and scientific equipment. From 2021 to 2024, the total approved investments from EU countries in Malaysia's manufacturing and services sectors, overseen by the Malaysian Investment Development Authority (MIDA), amounted to RM198.2 billion. Meanwhile, on the Malaysia-GCC FTA, Malaysia signed a joint statement with the GCC on May 26, 2025, to launch negotiations on an FTA between the two parties. The first round of negotiations is scheduled to take place in September 2025. In 2024, bilateral trade between Malaysia and the GCC reached RM101.8 billion, with exports amounting to RM25.7 billion and imports RM76.1 billion. Malaysia's main exports to the GCC included electrical and electronic products, jewellery, petroleum products, palm oil and related goods, as well as processed food. Key focus areas in the Malaysia-GCC FTA include trade in goods, rules of origin, customs and trade facilitation, services, investment, digital economy, and broader economic cooperation — aimed at strengthening strategic trade and investment ties. 'It is expected that Malaysia will benefit from greater export market access in GCC countries. 'This, in turn, will strengthen the position of Malaysian companies in global supply chains and help reduce the trade deficit between the two economies,' MITI said. From 2021 to 2024, approved investments from GCC countries in Malaysia's manufacturing and services sectors under MIDA totalled RM105.9 million. — BERNAMA
Daily Tribune
27-05-2025
- Business
- Daily Tribune
Bahrain backs ASEAN-GCC free trade push at summit
• Bahrain pushes trade pact • GCC-ASEAN deal supported • Malaysia-GCC FTA welcomed You Know What: The GCC and ASEAN collectively represent nearly 10% of global GDP, making their trade partnership a rising force in global economics. Mahir Haneef TDT| Manama Bahrain has reiterated its support for stronger Gulf-Asian economic cooperation by backing the launch of talks for a GCC-ASEAN Free Trade Agreement, announced during the second ASEAN-GCC Summit held in Kuala Lumpur. His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, issued the call while representing His Majesty King Hamad bin Isa Al Khalifa at the high-level gathering, which brought together leaders and senior officials from both blocs. Trade priorities aligned HRH praised the signing of a joint statement that officially launched negotiations for a Malaysia-GCC Free Trade Agreement on Monday. The signing was witnessed by His Highness the Crown Prince of Kuwait and the Prime Minister of Malaysia, and was described by HRH as a milestone that sets the stage for broader regional integration. Reaffirming Bahrain's commitment to advancing collective prosperity, HRH said the proposed GCC-ASEAN FTA would provide a practical framework for strengthening economic and political ties while promoting coordinated action in a rapidly changing global environment. Shared goals and vision HRH also referenced the first GCC-ASEAN Strategic Dialogue held in Bahrain fifteen years ago, noting that what began as exploratory engagement has matured into a genuine strategic partnership. From food security and sustainable tourism to education and clean energy, HRH said the two regions are increasingly aligned in their approach to shared priorities. 'There is tangible progress and real momentum in our collaboration,' HRH noted, adding that this spirit of cooperation is key to turning challenges into long-term opportunities. Commitment to cooperation During the summit, HRH reaffirmed Bahrain's dedication to multilateralism and diplomacy, referencing HM King Hamad's call at last year's Arab Summit in Bahrain for an international peace conference on the Middle East. HRH concluded by emphasising the importance of people-to-people connections and cultural exchanges in building a resilient and forward-looking partnership. 'Through our people, we will build a future-ready alliance that delivers prosperity and peace,' HRH said.
