MITI To Commence FTA Talks With GCC Countries Early Next Year

KUALA LUMPUR, Dec 15 (Bernama) -- The Ministry of Investment, Trade and Industry (MITI) will commence free trade agreement (FTA) negotiations with the Gulf Cooperation Council (GCC) countries early next year, said MITI secretary-general Datuk Hairil Yahri Yaacob today. 

He said the bilateral meeting with the GCC countries will be held in Riyadh, Saudi Arabia.

“We will start negotiations with GCC countries and we hope the FTA with the GCC will expand our export markets and reduce our dependence on selected countries,” he told reporters after the briefing on the Agreement on Reciprocal Trade (ART) today.

The session features key stakeholders including the Associations of Veterans of Malaysian Uniformed Services, the Muslim Consumers Association of Malaysia and the Malay Chamber of Commerce Malaysia.

Hairil said the earlier discussions had already taken place informally through online engagements, during which both sides agreed on the scope of the negotiations.

He said this is among the ways to explore new markets and diversify the country’s export markets amid the challenges posed by the ART.

The media had earlier reported that the first round of FTA negotiations with the GCC countries would begin in December this year, but Hairil said the date has been amended.

The GCC countries comprise six countries namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

-- BERNAMA