UAE and Malaysia comply with launch CEPA negotiations

“Non-oil commerce between the UAE and Malaysia continues its upward trajectory over the previous 5 years, reaching $4.6 billion in 2022, a progress of 5 per cent in comparison with 2021, and up 31 per cent and 18 per cent in comparison with 2020 and 2019, respectively,” mentioned Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for International Commerce.

“As we speak, the UAE is Malaysia’s seventeenth  commerce associate globally and the second within the Center East, accounting for 32 per cent of Malaysia’s commerce with Arab nations. The UAE can be the primary vacation spot for Malaysian merchandise exports to Arab nations, accounting for 40 per cent of its exports to the area. The opposite manner, Malaysia ranks eighth globally for UAE exports and nineteenth in re-exports.”

The worth of Malaysian investments within the UAE quantity to $150 million throughout varied sectors whereas UAE investments in Malaysia quantity to greater than $220 million, together with greater than $51 million within the industrial sector.

Al Zeyoudi harassed that the Complete Financial Partnership Settlement with Malaysia comes as a part of the UAE’s plans to broaden its community of commerce companions with strategically necessary markets, noting that Malaysia is the fourth largest financial system within the Southeast Asian area and that its financial system continues to attain file progress charges owing to the sturdy international demand for its electronics merchandise particularly.

He additionally underscored that the settlement between the UAE and Malaysia will contribute to the consolidation of commerce and funding relations between the 2 pleasant nations, launching a brand new period of partnership that can speed up alternatives for the enterprise communities within the two nations, particularly in precedence sectors.

The negotiations with Malaysia are the newest beneath the UAE’s bold overseas commerce agenda, which has thus far seen the conclusion of 4 CEPAs with India, Israel, Indonesia and Turkey. Agreements with India and Israel have been entered into drive, whereas these with Indonesia and Turkey are quickly to be applied.

Extra agreements with Georgia and Cambodia are additionally quickly to be signed.