Malaysia will start negotiations for a free trade agreement with the Gulf countries in May as the South-East Asian nation aims to further strengthen trade and economic ties with the six-member bloc.
The Gulf level talks will come after Malaysia signed a Comprehensive Economic Partnership Agreement (Cepa) with the UAE on Tuesday, coinciding with the visit of Prime Minister Anwar Ibrahim to the Emirates.
The Gulf trade deal “could surely take longer as there are six countries involved, whereas the UAE-Malaysia Cepa was done in record time within 11 months”, Malaysia’s Minister of Investment, Trade and Industry Tengku Zafrul Aziz told The National in an interview in Abu Dhabi.
The country will also host an Asean-Gulf summit in Kuala Lumpur in May as it looks to boost trade and investment with the region.
Malaysia, one of the fastest growing economies in the Association of South-East Asian Nations, has strong economic ties with the Gulf countries. Saudi Arabia is its largest trading partner in the region, and the UAE is its second biggest with a total trade value of $8.61 billion in the first 11 months of last year.
Total trade between the UAE and Malaysia registered a growth of 8.6 per cent on annual basis for the January-November period, according to the latest data provided by Malaysia’s investment, trade and industry ministry.
Malaysia’s exports to the UAE during the 11 months grew 3.4 per cent to $2.93 billion as a result of higher exports of electrical and electronic products to the UAE. Imports totalled $5.68 billion, up 11.5 per cent on an annual basis on the back of increased imports of crude oil.
“The signing of this comprehensive economic partnership agreement, or Cepa, will facilitate more trade and investment between the two countries, as companies will then have more access to each other's market and tariffs will be lower,” Mr Aziz said.
The UAE is aiming to sign 26 Cepas, with deals reached with countries including India, Turkey, Israel, Indonesia, Cambodia, Georgia, South Korea, Chile and Mauritius. Talks are under way with other countries, including the Philippines. On Tuesday, the UAE also signed a Cepa with New Zealand.
There are growing investment relations between the UAE and Malaysia, with Abu Dhabi’s sovereign wealth fund Mubadala Investment Company, Abu Dhabi Investment Authority, Masdar and DP World investing in sectors including oil and gas, ports and renewable energy.
In 2023, Abu Dhabi clean energy company Masdar signed an initial agreement with the Malaysian Investment Development Authority to invest $8 billion in renewable energy projects in Malaysia.
As part of the agreement, the two companies aim to develop up to 10 gigawatts of renewable energy projects by 2035, including ground-mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems.
Mubadala Energy, the oil and gas unit of Abu Dhabi’s Mubadala Investment Company also has investments in Malaysia.
Malaysia additionally aims to strengthen its co-operation with the UAE in artificial intelligence and other sectors of the digital economy. The country signed a preliminary agreement with Mohamed bin Zayed University of Artificial Intelligence last year to open an AI faculty in Malaysia, Mr Aziz said.
Malaysia offers investment opportunities as its economy continues to grow, with low inflation and a projected growth rate of about 5 per cent this year, he added.
“Inflation is low at 2 per cent, unemployment is low at 3 per cent and the interest rate is low as well, at 3 per cent. So we are seeing growth in various sectors,” Mr Aziz said. “Investments are record high. Last year, it was up close to 11 per cent.”
China and the US are Malaysia's biggest trading partners globally, while in investments the US is its biggest investor followed by China.
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
Jiu-jitsu calendar of events for 2017-2018:
August 5:
Round-1 of the President’s Cup in Al Ain.
August 11-13:
Asian Championship in Vietnam.
September 8-9:
Ajman International.
September 16-17
Asian Indoor and Martial Arts Games, Ashgabat.
September 22-24:
IJJF Balkan Junior Open, Montenegro.
September 23-24:
Grand Slam Los Angeles.
September 29:
Round-1 Mother of The Nation Cup.
October 13-14:
Al Ain U18 International.
September 20-21:
Al Ain International.
November 3:
Round-2 Mother of The National Cup.
November 4:
Round-2 President’s Cup.
November 10-12:
Grand Slam Rio de Janeiro.
November 24-26:
World Championship, Columbia.
November 30:
World Beach Championship, Columbia.
December 8-9:
Dubai International.
December 23:
Round-3 President’s Cup, Sharjah.
January 12-13:
Grand Slam Abu Dhabi.
January 26-27:
Fujairah International.
February 3:
Round-4 President’s Cup, Al Dhafra.
February 16-17:
Ras Al Khaimah International.
February 23-24:
The Challenge Championship.
March 10-11:
Grand Slam London.
March 16:
Final Round – Mother of The Nation.
March 17:
Final Round – President’s Cup.
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
more from Janine di Giovanni
The%20Roundup
%3Cp%3EDirector%3A%20Lee%20Sang-yong%3Cbr%3EStars%3A%20Ma%20Dong-seok%2C%20Sukku%20Son%2C%20Choi%20Gwi-hwa%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Brown/Black belt finals
3pm: 49kg female: Mayssa Bastos (BRA) v Thamires Aquino (BRA)
3.07pm: 56kg male: Hiago George (BRA) v Carlos Alberto da Silva (BRA)
3.14pm: 55kg female: Amal Amjahid (BEL) v Bianca Basilio (BRA)
3.21pm: 62kg male: Gabriel de Sousa (BRA) v Joao Miyao (BRA)
3.28pm: 62kg female: Beatriz Mesquita (BRA) v Ffion Davies (GBR)
3.35pm: 69kg male: Isaac Doederlein (BRA) v Paulo Miyao (BRA)
3.42pm: 70kg female: Thamara Silva (BRA) v Alessandra Moss (AUS)
3.49pm: 77kg male: Oliver Lovell (GBR) v Tommy Langarkar (NOR)
3.56pm: 85kg male: Faisal Al Ketbi (UAE) v Rudson Mateus Teles (BRA)
4.03pm: 90kg female: Claire-France Thevenon (FRA) v Gabreili Passanha (BRA)
4.10pm: 94kg male: Adam Wardzinski (POL) v Kaynan Duarte (BRA)
4.17pm: 110kg male: Yahia Mansoor Al Hammadi (UAE) v Joao Rocha (BRA
LOVE%20AGAIN
%3Cp%3EDirector%3A%20Jim%20Strouse%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Priyanka%20Chopra%20Jonas%2C%20Sam%20Heughan%2C%20Celine%20Dion%3C%2Fp%3E%0A%3Cp%3ERating%3A%202%2F5%3C%2Fp%3E%0A
