Malaysia aims to conclude free trade contract with UAE to improve investment forecasts
Date
2/28/2024 2:44:13 AM
(MENAFN) Tengku Zafrul Abdul Aziz, the Malaysian Trade Minister, announced plans for Malaysia to finalize a free trade agreement with the United Arab Emirates (UAE) by the end of June, with expectations that the agreement will foster increased investment in Malaysia facilitated by UAE wealth funds. Negotiations on the Comprehensive Economic Partnership Agreement between the two nations commenced last year, with both parties currently in the final stages of discussions.
Speaking during an interview with “Eqtisad Sky News Arabia” at the World Trade Organization meeting in Abu Dhabi, Minister Tengku Zafrul expressed confidence in reaching an agreement. He highlighted Malaysia's ambition to attract Emirati investments across various sectors, including energy, digital economy, electric vehicles, and chips. Notably, Mubadala Investment Company, one of Abu Dhabi's sovereign wealth funds, has existing investments in Malaysia, laying the groundwork for further collaboration between the two countries.
The UAE has been actively pursuing bilateral free trade agreements in recent years, aiming to bolster economic ties and provide mutual benefits for both parties. These agreements typically entail favorable terms for investment and the elimination of traditional customs tariffs on goods and services, creating a conducive environment for enhanced trade relations.
Minister Tengku Zafrul emphasized the potential of the trade agreement to position Malaysia as a prime destination for UAE investments in Asia. By leveraging the strategic partnership between the two nations, Malaysia seeks to capitalize on the UAE's economic resources and investment opportunities, further solidifying its position as a regional hub for trade and commerce.
MENAFN28022024000045015682ID1107909800
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.