[ad_1]
Abu Dhabi [UAE]May 23 (ANI/WAM): Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Tengku Zafrul Aziz, Malaysia’s Minister of Investment, Trade and Industry, signed a joint statement agreeing to launch negotiations to create a comprehensive economic partnership between the two countries. Partnership Agreement (CEPA).
The agreement was signed during the official visit of His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, to Kuala Lumpur, the capital of Malaysia.
Al Zeyoudi highlighted the developing relationship between the UAE and Malaysia, noting that the negotiations build on the strong growth in bilateral trade and investment in recent years.
“Non-oil trade between the UAE and Malaysia has continued its upward trend over the past five years, reaching US$4.6 billion in 2022, up 5% from 2021, 31% and 18% from 2020, and 2019, respectively.
“Today, the UAE is Malaysia’s 17th trading partner in the world and the second in the Middle East, accounting for 32% of Malaysia’s trade with Arab countries. The UAE is also the number one destination for Malaysia’s exports to Arab countries, accounting for 40 per cent of exports go to the region. Malaysia, on the other hand, ranks eighth in the world for UAE exports and nineteenth for re-exports.”
Regarding the growing investment relationship between the two countries, Al Zeyoudi highlighted that Malaysia’s investment in the UAE is worth US$150 million in industry, construction, real estate, trade, transportation, warehousing, financial activities, insurance, and professional and technical activities, while the UAE Investment in Malaysia exceeds US$220 million, including over US$51 million in the industrial sector.
Al Zeyoudi emphasized that the Comprehensive Economic Partnership Agreement with Malaysia is part of the UAE’s plan to expand its network of trading partners in markets of strategic importance, noting that Malaysia, the fourth largest economy in the South East Asian region, continues to enjoy economic success due to global interest in Strong demand for electronics, with record growth rates.
He also stressed that the agreement between the UAE and Malaysia will help strengthen the trade and investment relationship between the two friendly countries, ushering in a new era of partnership that will accelerate opportunities for the business communities of both countries, especially in priority areas .
Meanwhile, Aziz said: “With the commencement of the Malaysia-UAE CEPA negotiations, Malaysia is committed to strengthening its long-term economic partnership with the UAE. This will lay the foundation for a comprehensive and mutually beneficial economic framework that will strengthen strategic cooperation, foster innovation, stimulate Economic growth and job creation for both countries.
“The UAE has always been an important strategic trading partner for Malaysia in the Middle East, and Malaysia is an ideal gateway for the UAE to enter the Asia-Pacific market. Based on our common aspirations, I believe that the Malaysia-UAE CEPA will bring great benefits to businesses, entrepreneurs and citizens of both countries. interests, taking our special and close partnership to new heights.”
The talks with Malaysia are the latest under the UAE’s ambitious foreign trade agenda, which has so far secured four CEPAs with India, Israel, Indonesia and Turkey. Agreements with India and Israel are already in effect, while those with Indonesia and Turkey are imminent.
Additional agreements with Georgia and Cambodia are on the horizon, and the UAE is currently negotiating with more strategically important markets at regional and global levels. (ANI/WAM)
Disclaimer: This article was automatically published from the institutional feed without any modification of the text or editorial review
[ad_2]
Source link