KUALA LUMPUR: Negotiations for free trade agreements between Malaysia and the Gulf Cooperation Council (GCC) are set to begin following the signing of an agreement, says Tengku Datuk Seri Zafrul Abdul Aziz.
The Investment, Trade and Industry Minister said this marks the start of cooperation with the GCC.
"We have set a few chapters to focus on various areas and feel there are many opportunities to increase trade," he said on when speaking to reporters at the 46th Asean Summit on Monday (May 26).
Earlier on Monday, negotiations for the Malaysia-GCC Free Trade Agreement were launched, signed by Tengku Zafrul and GCC secretary-general Jasem Mohamed Albudaiwi.
The document exchange was witnessed by Prime Minister Datuk Seri Anwar Ibrahim and the Crown Prince of Kuwait, Sheikh Sabah Khaled Al-Hamad Al-Sabah, during a bilateral meeting.
Among the sectors being considered, Tengku Zafrul said, are E&E, semiconductors, halal industries, palm oil, chemicals, and petrochemicals.
"We hope to see more investments from the GCC into Malaysia and for our companies to access GCC markets during these negotiations," he said.
Regarding projections, Tengku Zafrul said this can only be assessed once negotiations begin.
"Then, we will see the details and make estimates on where we are," he said.
This will be the second free trade agreement negotiated with the GCC, following a completed agreement with a GCC member, the United Arab Emirates.
"We have completed that comprehensive partnership agreement with them and are now starting negotiations for free trade agreements with the GCC," he said.
