The UAE and Malaysia conclude negotiations on the Comprehensive Economic Partnership Agreement

The UAE and Malaysia successfully concluded the negotiations for the Comprehensive Economic Partnership Agreement between them, in preparation for its official conclusion at a time that will be determined later.

The Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi, and the Minister of Investment, Trade and Industry of Malaysia, Zafrul Aziz, confirmed that the final terms of the agreement were reached, which inaugurates a new era of trade and investment partnership between the two friendly countries, by canceling or reducing customs duties, and removing unnecessary barriers. necessary for trade, in addition to enhancing cooperation and building partnerships between the private sectors in the two countries, and identifying new investment opportunities.

The comprehensive economic partnership agreement between the UAE and Malaysia stems from strong economic relations between the two countries, as the volume of bilateral non-oil trade exceeded $4.9 billion (17.98 billion dirhams) in 2023.

In the first half of 2024, the volume of non-oil trade reached $2.5 billion (9.17 billion dirhams), an increase of 7%, compared to the same period in 2023.

Malaysia currently ranks 12th among the largest trading partners of the UAE in the continent of Asia, and fifth among the countries of the Association of Southeast Asian Nations (ASEAN), while the UAE is the second largest trading partner of Malaysia in the Arab world with a share of 32% of the total trade exchange. For Malaysia with the Arab countries.

The UAE is considered the main destination for about 40% of Malaysian goods exports to the Arab world.

Al-Zeyoudi said that the UAE’s continued conclusion of comprehensive economic partnership agreements with promising economies around the world reflects the forward-looking vision of the country’s wise leadership, and its directives to continue building development partnerships aimed at stimulating economic growth and increasing trade and investment flows, to achieve comprehensive and sustainable development.

He added that the comprehensive economic partnership agreement between the UAE and Malaysia reflects the strong relations that have grown and developed between the two friendly countries over the past years in particular, and with the countries of Southeast Asia in general.

For his part, Aziz said: “We view the UAE as a strategic center for Malaysian exporters to access markets in the Middle East, North Africa and some European countries, especially since Malaysian exports, such as electrical and electronic appliances, machinery, jewelry, prepared foodstuffs, tropical fruits, palm oil, cocoa and rubber, benefit. Immediately with zero import duties, when this agreement enters into force.”