Page 565 - MOE ENGLISH PR REPORT - OCTOBER 2024
P. 565
10/23/24, 9:53 AM UAE and Malaysia conclude CEPA talks as the look to boost $4.9bn trade partnership - Arabian Business: Latest News on the Mid…
the two nations that seeks to eliminate or lower tariffs, reduce barriers to trade, promote
private-sector collaboration and establish new pathways for investment.
It builds on deepening economic ties between two nations, which in 2023 saw bilateral
non-oil trade exceed $4.9bn. In the first half of 2024, non-oil trade reached $2.5bn, a 7 per
cent increase compared to the same period in 2023.
UAE-Malaysia trade
Malaysia currently ranks as the UAE’s 12th-largest Asian trading partner, and fifth among
ASEAN countries, while the UAE is Malaysia’s second-largest trade partner in the Arab
world, accounting for 32 per cent of Malaysia’s trade with Arab nations.
The UAE is also the destination for 40 percent Malaysia’s merchandise exports to the Arab
world.
Al Zeyoudi stressed that continued progress made by the UAE in concluding
Comprehensive Economic Partnership Agreements with promising economies worldwide
reflects the forward-looking vision of the nation’s wise leadership and its directives to build
strategic partnerships that increase trade and investment flows and stimulate sustainable
economic growth.
He added that the latest milestone reflects productive relations that have developed
between the UAE and Malaysia – and Southeast Asia as a whole.
Al Zeyoudi said: “Malaysia is a long-standing and trusted trade partner that, like the UAE, is
seeking to enhance its economic prospects through increased trade and targeted
investment.
“As the fourth-largest economy in the Southeast Asia region, and with economic growth in
2024 set to outstrip forecasts, Malaysia offers substantial opportunity for our exporters,
industrialists and business leaders, especially in high-growth sectors such as energy,
logistics, manufacturing and financial services.”
Zafrul Aziz said: “As Malaysia’s first, historic Free Trade Agreement with a GCC nation, I am
confident the CEPA will enhance trade, boost investments, and deepen the Malaysia-UAE
economic ties.
“We view the UAE as a strategic hub for Malaysian exporters to access markets in the
Middle East, North Africa and certain parts of Europe, particularly as Malaysian exports
https://www.arabianbusiness.com/politics-economics/uae-and-malaysia-conclude-cepa-talks-as-the-look-to-boost-4-9bn-trade-partnership 2/3