ISDS Case Map
GCC
Malaysia hopes to draw up a frawework for free trade agreement with the Gulf Cooperation Council countries by October, said International Trade and Industry Deputy Minister Datuk Mukhriz Mahathir.
China has made securing a free-trade agreement (FTA) with the GCC a high priority as demand for energy and industrial imports in the fast-emerging global superpower rises.
“Negotiations were suspended because EU countries added a clause depriving GCC countries the right to impose duties on EU exports in the future,” the Director General of the External Economic Relations Department at the Gulf Cooperation Council said.
Canada, which lost millions of dollars in beef trade opportunities with Saudi Arabia following the outbreak of mad-cow disease, is now seeking full access to this lucrative Saudi market. There is also talk of possibly holding negotiations for a free trade agreement and a general investment protection accord with the Gulf states.
Dato' Mohd Razif Deputy Governor of Bank Negara Malaysia (BNM) said that Malaysia has ample investment opportunities in various fields and can become a gateway for Emirati investors to access Asian Markets, expressing his resolve to open joint ventures between Malaysia and United Arab Emirates to enhance economic and trade ties between them.
Malaysia, which is currently in the midst of negotiating a free trade agreement (FTA) with the Gulf Cooperation Council (GCC), will look at several sectors including Islamic banking to be included in the FTA.
The UAE will push for a long-awaited free trade agreement between the GCC and the European Union during the Emirates presidency of the Gulf states’ bloc next year, said the Foreign Minister.
Talks of signing of FTA between Pakistan and GCC have been making the rounds for several years but both sides have only now reached at some concrete work to move ahead.
GCC states may once again refuse to resume free trade agreement talks with the European Union due to “intransigence” on the European side, a senior official said.
Closer trade ties with the Middle East will culminate this April with the signing of a free trade agreement. AMANDA MORRALL finds out why the exporter's road to Mecca is pointing in that direction.
