MITI will begin free trade agreement negotiations with the six GCC countries in early 2025 to diversify Malaysia’s export markets.
KUALA LUMPUR: The Ministry of Investment, Trade and Industry will commence free trade agreement negotiations with the Gulf Cooperation Council countries early next year.
MITI secretary-general Datuk Hairil Yahri Yaacob said the bilateral meeting will be held in Riyadh, Saudi Arabia.
“We will start negotiations with GCC countries and we hope the FTA with the GCC will expand our export markets and reduce our dependence on selected countries,” he said.
He was speaking to reporters after a briefing on the Agreement on Reciprocal Trade today.
The session featured key stakeholders including veterans and business associations.
Hairil said earlier informal online discussions had already established an agreed scope for the negotiations.
He described the FTA as a way to explore new markets and diversify exports amid challenges posed by other trade agreements.
Media had previously reported the first negotiation round would begin in December this year, but Hairil confirmed the date has been amended.
The GCC comprises six nations: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. – Bernama
