The UAE and Malaysia to launch negotiations on comprehensive trade pact

UAE

The United Arab Emirates (UAE) and Malaysia have agreed to launch negotiations to establish a Comprehensive Economic Partnership Agreement (CEPA), a type of bilateral trade deal of the UAE.

According to Malaysia's trade ministry, CEPA aims to boost trade in goods and services, increase investments, and boost economic cooperation between the two countries.

The Ministry of Investment, Trade and Industry (Miti) of Malaysia said that the agreement would enhance the existing partnership between the UAE and Malaysia and boost strategic collaborations.

The Ministry of Investment, Trade and Industry (Miti) said in a statement, "The Malaysia-UAE CEPA will be a comprehensive and mutually beneficial agreement, covering trade in goods and services, investments, economic cooperation, and other emerging areas of mutual interest.”

Tengku Datuk Seri Zafrul Abdul Aziz, the Minister of International Trade and Industry of Malaysia, lauded the Malaysia-UAE CEPA. He said that CEPA would create job opportunities for both nations. He also said that the UAE had been a strategic trading partner for Malaysia in the Middle East region, while Malaysia served as a key gateway for the UAE to capture the Asia-Pacific market.

Tengku Zafrul and the UAE Minister of State for Foreign Trade, Dr Thani bin Ahmad Al Zeyoudi, expressed their happiness to launch the CEPA negotiations between the two countries.

UAE Trade Minister Thani Al Zeyoudi said in a statement, "The UAE is Malaysia's 17th trade partner globally and the second in the Middle East, accounting for 32% of Malaysia's trade with Arab countries.”

The UAE has been pursuing CEPA with various countries since 2021. In March this year, the UAE and Ukraine discussed the latest progress of a comprehensive economic partnership agreement between them.

Earlier this month, the UAE and Thailand signed a document to launch talks to establish a Comprehensive Economic Partnership Agreement between them.






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