Page 397 - MOE ENGLISH PR REPORT - JUNE 2024

Halal economy,” said the UAE’s Minister of State for foreign trade Dr Thani bin
Ahmed Al Zeyoudi.

Al Zeyoudi said the two countries recognise the developmental importance of
open, rules-based trade and are committed to maximise the opportunities
available in each other’s economies.

The UAE and Malaysia agreed to negotiate a Comprehensive Economic
Partnership Agreement (CEPA) in May 2023 as the two nations seek to
expand their economic ties. Speaking at the World Trade Organization event
in Abu Dhabi in February, Malaysian Trade Minister Tengku Zafrul Aziz said
the Southeast Asia country expects to conclude a free trade agreement by the
end of June.

The trade agreement between the two states is expected to boost investment
in Malaysia by the Gulf state’s sovereign wealth funds. Mubadala Investment
Company, one of Abu Dhabi’s three sovereign wealth funds, is already an
investor in Malaysia.

Following the agreement, Malaysia hopes that the UAE will invest in its
energy, digital economy, electric vehicle and chip sectors.

“The UAE is an important partner for Malaysia in the Middle East with whom
we share a mutual commitment to enhancing trade and investment through
open and fair-trade practices,” Zafrul Aziz, Malaysia’s Minister of Investment,
Trade and Industry said.

The UAE has been bolstering its economic ties with the ASEAN bloc, signing
CEPAs with Indonesia (July 2022) and Cambodia (June 2023), both of which
are now in operation and helping to accelerate bilateral trade.

The Emirates has initiated a raft of bilateral trade, investment and cooperation
deals since 2021 to bolster efforts aimed at diversifying income sources and
economic sectors. It has so far ratified five CEPAs with India, Israel,
Indonesia, Turkey and Cambodia.

The country is also in CEPA negotiations with more markets of strategic
importance at the regional and global levels to establish similar agreements.

https://gulfbusiness.com/uae-malaysia-seek-to-bolster-economic-ties/