The Gulf Co-operation Council and Malaysia have started negotiations for a free trade agreement as the regions seek to boost bilateral investment.
A joint statement signalling the start of negotiations was signed on the sidelines of the summit between Gulf states and the Association of South-East Asian Nations (Asean) on Monday in Kuala Lumpur, the GCC said in a statement.
Talks will cover a range of sectors of mutual interest and the potential agreement is set to cover a number of economic aspects, the statement added.
The move represents a consolidation of the partnership between the two sides, said Jasem Albudaiwi, Secretary General of the GCC.
Malaysia is one of the fastest-growing economies in Asean. Last year, total trade between Malaysia and the Gulf reached $22.3 billion, with key exports including electronic products, jewellery, petroleum products, palm oil and palm oil-based products, and processed food, according to Malaysia's Ministry of Investment, Trade and Industry.
"The FTA aims to expand this further by reducing tariff and non-tariff barriers, promoting business mobility, and enhancing regulatory co-operation," the ministry said in a separate statement on Monday.
The FTA would represent "a strategic platform to recalibrate and enhance our bilateral relationship", said Tengku Zafrul Aziz, Malaysian Minister of Investment, Trade and Industry. “Malaysia considers the Gulf Co-operation Council to be one of its most valued trade partners in West Asia."
Several major global economies are also pursuing trade deals with the Gulf region.
The UK is in talks with the GCC over an FTA, with indications that it could be signed soon. This month, after the UK secured a deal with Europe, as well as announcing an agreement with the US to cut tariffs, Chancellor Rachel Reeves told the BBC that the Gulf would be the “next deal” as the government looks to forge post-Brexit trade ties.
Meanwhile, an FTA between the Gulf economies and Turkey is expected to create a $2.4 trillion trade opportunity.
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Analysis
Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.
The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement.
We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle through the current moment.
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