The Gulf Co-operation Council and Malaysia have started negotiations for a free trade agreement as the regions seek to boost bilateral investment.
A joint statement signalling the start of negotiations was signed on the sidelines of the summit between Gulf states and the Association of South-East Asian Nations (Asean) on Monday in Kuala Lumpur, the GCC said in a statement.
Talks will cover a range of sectors of mutual interest and the potential agreement is set to cover a number of economic aspects, the statement added.
The move represents a consolidation of the partnership between the two sides, said Jasem Albudaiwi, Secretary General of the GCC.
Malaysia is one of the fastest-growing economies in Asean. Last year, total trade between Malaysia and the Gulf reached $22.3 billion, with key exports including electronic products, jewellery, petroleum products, palm oil and palm oil-based products, and processed food, according to Malaysia's Ministry of Investment, Trade and Industry.
"The FTA aims to expand this further by reducing tariff and non-tariff barriers, promoting business mobility, and enhancing regulatory co-operation," the ministry said in a separate statement on Monday.
The FTA would represent "a strategic platform to recalibrate and enhance our bilateral relationship", said Tengku Zafrul Aziz, Malaysian Minister of Investment, Trade and Industry. “Malaysia considers the Gulf Co-operation Council to be one of its most valued trade partners in West Asia."
Several major global economies are also pursuing trade deals with the Gulf region.
The UK is in talks with the GCC over an FTA, with indications that it could be signed soon. This month, after the UK secured a deal with Europe, as well as announcing an agreement with the US to cut tariffs, Chancellor Rachel Reeves told the BBC that the Gulf would be the “next deal” as the government looks to forge post-Brexit trade ties.
Meanwhile, an FTA between the Gulf economies and Turkey is expected to create a $2.4 trillion trade opportunity.
Abu Dhabi GP Saturday schedule
12.30pm GP3 race (18 laps)
2pm Formula One final practice
5pm Formula One qualifying
6.40pm Formula 2 race (31 laps)
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Afghanistan squad
Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
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Killing of Qassem Suleimani
About Seez
Company name/date started: Seez, set up in September 2015 and the app was released in August 2017
Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer
Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon
Sector: Search engine for car buying, selling and leasing
Size: (employees/revenue): 11; undisclosed
Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A
Investors: Wamda Capital, B&Y and Phoenician Funds
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
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MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score)
Porto (0) v Liverpool (2), Wednesday, 11pm UAE
Match is on BeIN Sports
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
