KUALA LUMPUR (Sept 17): The Ministry of Investment, Trade and Industry (Miti) will commence the first round of free trade agreement (FTA) negotiations with the Gulf Cooperation Council (GCC) countries in December, said Miti secretary general Datuk Hairil Yahri Yaacob on Wednesday.

He said the time is now ripe for Malaysia to expand its trade with GCC countries.

Hairil said MITI has signed the Comprehensive Economic Partnership Agreement (CEPA), and Malaysia and the United Arab Emirates would implement the agreement once both countries conclude their domestic procedures.

"We are in the process of getting the legal procedures completed soon, and next month the agreement will be in force. As for the GCC, we will commence the negotiations soon. In fact, the chief negotiators for both Malaysia and the GCC met physically a couple of months ago.

“We will have full-fledged negotiations in December in one of the GCC countries," he told reporters after the opening ceremony of the Arab Malaysian Chamber of Commerce's 15th annual general meeting here on Wednesday. 

Earlier, Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz reiterated Malaysia’s strong commitment to its Arab partners and is looking forward to strengthening ties beyond trade and investment. He said the Malaysia External Trade Development Corporation (Matrade) will engage in a continuous dialogue with partners and counterparts from the Middle East to enhance trade relations with Malaysia, as the Middle East has been one of the key trading partners for Malaysia. 

"Indeed, economic and trade matters have gained prominence in Malaysia’s policy towards the Middle East. Over the years, this region has become not only a source of foreign direct investments but also a primary market for Malaysian products and businesses. 

"For instance, many products of various levels from Proton cars to commodities were exported to the Middle East, while the halal industry potential was explored and initiated," Zafrul said in his speech that was read by Hairil. 

Zafrul highlighted that Malaysia continues to offer a stable, open, and business-friendly environment, coupled with several other advantages such as a strategic geographic location at the heart of Asean, a multilingual and skilled workforce, as well as strong legal and intellectual property protections. 

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