Malaysia is actively pursuing discussions on a free trade agreement (FTA) with the Gulf Cooperation Council (GCC) and aims to finalize a bilateral agreement with the United Arab Emirates (UAE) by the end of this year.
The matter was informed by the Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
The GCC, which consists of six member countries, represents an important economic bloc in West Asia, and Malaysia's involvement highlights its strategy to strengthen commercial ties in the region.
Saudi Arabia, the largest economy in the GCC, is leading free trade negotiations with Malaysia.
Currently, Malaysia has seven bilateral FTAs and nine multilateral FTAs, and is working to expand this network to reach agreements with GCC countries.
The FTA with the UAE will mark Malaysia's first free trade pact with an Arab country, underscoring the growing economic ties between Malaysia and the Gulf region.
This move is in line with Malaysia's goal to improve its economic ties globally through strategic trade agreements.
By increasing trade relations with the GCC, Malaysia intends to tap into new markets and opportunities, fostering economic growth and cooperation.
