Malaysia and UAE Strengthening Economic Ties

 


Malaysia and United Arab Emirates UAE share close economic relations. Both the countries have been negotiating a key trade agreement called the Comprehensive Economic Partnership Agreement CEPA to boost their bilateral trade The article provides an update on the progress made in the CEPA negotiations. 


The trade ministers from Malaysia and UAE met in June 2022 to review the CEPA discussions They expressed satisfaction with the positive way negotiations have been proceeding The Malaysian Minister of International Trade and Industry stated that their goal is to conclude and sign the CEPA with the UAE by the end of 2022.


Once signed, the CEPA is expected to significantly increase trade volumes between the two nations Malaysia and UAE have been important trading partners for decades According to statistics the total bilateral trade between them was over $3.4 billion in 2021 The trade agreement will aim to simplify regulations and provide more market access to help take economic collaboration to the next level.


In addition to pursuing the CEPA Malaysia is also looking to negotiate a free trade agreement with the six member states of the Gulf Cooperation Council GCC The GCC includes UAE along with Saudi Arabia Qatar Kuwait Oman and Bahrain A trade pact with the entire GCC bloc will open an even bigger market for Malaysian exports and businesses. 


The CEPA and prospective GCC agreement are aligned with Malaysia's objective of strengthening ties with Middle Eastern countries as part of its Look East policy It seeks to leverage opportunities in the fast growing economies of the Gulf region.


Both Malaysia and UAE stand to gain significantly by boosting bilateral trade under the CEPA framework It will facilitate investments provide technical cooperation opportunities and enable professionals from each country to work in the other more easily.


The CEPA negotiations between Malaysia and UAE seem to be progressing smoothly Both sides are working towards finalizing and implementing the agreement by the end of 2022 to enhance trade and economic partnerships further It would be a major milestone in the bilateral relationship.

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