KUALA LUMPUR: The Malaysia-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) signed on Tuesday has set a new record for Malaysia as the fastest free trade agreement (FTA) to be concluded in just 11 months, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
He said this was proof of the commitment and cooperation of both parties.
“This agreement is expected to grow bilateral trade volume by at least 60 per cent within five years, contributing to a more sustainable economic growth,” he said in a statement.
Tengku Zafrul said CEPA is also the first free trade agreement between Malaysia and a member country of the Gulf Cooperation Council (GCC).
The successful conclusion of the negotiations was an important milestone in efforts to strengthen economic relations between Malaysia and UAE, he said.
“Insya-Allah, CEPA will catalyse tighter economic integration and contribute to shared prosperity and sustainable growth for both countries.
“But our efforts do not stop here (as) our next target is to negotiate free trade agreements with the GCC, which consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE,” he said.
