Today, Tuesday, Malaysia and the UAE announced their agreement to start negotiations for a comprehensive economic partnership agreement, which is a kind of bilateral economic agreement that the UAE has entered into with several countries from 2021.
The Malaysian Ministry of Commerce said in a statement that the agreement will cover the areas of trade in goods and services, as well as investment and economic cooperation.
UAE Minister of State for Foreign Trade Thani Al Zeyoudi said in a statement released by Emirates News Agency: “The UAE is Malaysia’s seventeenth trading partner in the world and second in the Arab world in terms of foreign trade. 2022 data as it accounts for 32% of Malaysia’s trade with Arab countries and is also the first destination.” Malaysian exports of goods to Arab countries account for 40% of Malaysian exports to Arab countries.
The signing of the declaration of intent to start negotiations took place on the sidelines of a high-level official visit by the UAE delegation led by the Crown Prince of Abu Dhabi, Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, to the capital of Malaysia, Kuala Lumpur. .
And Emirates News reported yesterday, Monday, that during the visit, Al Zeyoudi and the Minister of Natural Resources of Malaysia discussed strengthening cooperation in the energy sector, especially in the field of clean energy.
Al Zeyoudi referred to the growing trade and investment relationship between the two countries in recent years, noting that the value of Malaysian investment in the UAE was $150 million and the Emirates investment in Malaysia was $220 million.
So far, the UAE has signed 4 comprehensive economic partnership agreements with India, Israel, Indonesia and Turkey, and has previously said it wants to conclude about 26 agreements.
