KUALA LUMPUR: Negotiations of free trade agreements between Malaysia and the Gulf Cooperation Council (GCC) are set to commence after both parties signed an agreement on this, says Tengku Datuk Seri Zafrul Abdul Aziz.
The Investment, Trade and Industry Minister said this also marks the beginning of cooperation with the GCC.
“We have set a few chapters to focus on various areas, and we feel there are many opportunities to increase trade,” he told reporters on the sidelines of the 46th Asean Summit.
The launch of negotiations on the Malaysia-GCC Free Trade Agreement was signed between Tengku Zafrul and GCC secretary-general Jasem Mohamed Albudaiwi yesterday. 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.
Among the sectors being looked at, Tengku Zafrul said, are electrical and electronics, semiconductors, halal industries, palm oil, chemicals and petrochemicals.
“During these negotiations, we are hopeful of seeing more investments from the GCC into Malaysia and also for our companies to access markets within the GCC,” he said. On projections, Tengku Zafrul said this can only be observed once negotiations begin.
“Then, we will see the details and, from there, make some estimates on where we are,” he said.
He said this will be the second FTA negotiated with the GCC, with another being with a GCC member, the United Arab Emirates, which has been completed.
