BUSINESS

MITI TO DISCUSS GCC FTA WITH TUN MAHATHIR

27/08/2018 04:15 PM

KUALA LUMPUR, Aug 27 (Bernama) -- International Trade and Industry Minister Darell Leiking will discuss reviving negotiations on the free trade agreement (FTA) between Malaysia and the Gulf Cooperation Council (GCC) with Prime Minister Tun Dr Mahathir Mohamad.

He said revival of the framework agreement was possible as long as it benefits all parties.

“The government is open to any FTA, but it must be fair,” Darell told a press conference after officiating the Arab Malaysian Chamber of Commerce’s Business Symposium and 8th Annual General Meeting here today.

Last year, the ministry, under the previous government, said it was keen on reviving the said framework agreement in 2011, but had put it on hold due to challenges, including political uncertainties in the Middle East. 

On another note, Darell said trade between Malaysia and the GCC states – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates - increased by almost one per cent year-on-year in the first half of 2018.

“Arab investments in Malaysia increased by 260 per cent within three years, from US$115 million (US$1=RM4.10) in 2014 to US$426 million in 2017,” he said, adding that exports by Malaysia’s halal industry rose to RM45 billion last year.

-- BERNAMA


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