KUALA LUMPUR: Malaysia is expected to sign a free trade agreement (FTA) with the United Arab Emirates (UAE) by the end of this year, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
Tengku Zafrul said his ministry completed the discussion with the country last week and is now finalising the agreement with the Attorney-General’s Chambers.
“God willing, at the end of this year, we will be able to sign the first FTA with a Gulf Cooperation Council (GCC) nation.
“The opportunity is indeed huge in terms of trade and investments, so we need to focus on the GCC,” he told Bernama after participating in and officiating the Bernama Radio & MITI Fun Run programme here today.
He said under the agreement, companies in the country would benefit from lower tariffs or tariff-free trade.
“In terms of investment, we also have ‘mutual’ incentives, and this will give more companies based in Malaysia access to the UAE market, then throughout the GCC as the UAE is the hub of the GCC and Dubai is the gateway to enter the GCC (market),“ he said.
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Moreover, Tengku Zafrul said that being the ASEAN Chairman next year, Malaysia will also strive to build trade lanes between the GCC and this region.
Next year, the country will organise the ASEANGCC+China conference, which covers all ASEAN countries, six Gulf countries including Bahrain, Oman, Kuwait, Qatar, Saudi Arabia and the UAE as well as China.
Meanwhile, during the programme, Tengku Zafrul also presented souvenirs to Bernama staff who will celebrate the Deepavali festival at the end of this month.
The inaugural programme involving a 2.5-kilometre run starting from Wisma Bernama to the Titiwangsa Lake was organised in conjunction with National Sports Day held in October every year to promote a healthy lifestyle among the public.
