Malaysia expected to sign FTA with UAE by year-end – Tengku Zafrul

KUALA LUMPUR, Oct 17 – Malaysia is expected to sign a free trade agreement (FTA) with the United Arab Emirates (UAE) by the end of this year, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Tengku Zafrul said his ministry completed the discussion with the country last week and is now finalising the agreement with the Attorney-General’s Chambers.

“God willing, at the end of this year, we will be able to sign the first FTA with a Gulf Cooperation Council (GCC) nation. 

“The opportunity is indeed huge in terms of trade and investments, so we need to focus on the GCC,” he told Bernama after participating in and officiating the Bernama Radio & MITI Fun Run programme on Thursday. 

He said under the agreement, companies in the country would benefit from lower tariffs or tariff-free trade.

“In terms of investment, we also have ‘mutual’ incentives, and this will give more companies based in Malaysia access to the UAE market, then throughout the GCC as the UAE is the hub of the GCC and Dubai is the gateway to enter the GCC (market),” he said.