As part of the official visit of the Crown Prince of Abu Dhabi to Kuala Lumpur
UAE, Malaysia sign joint declaration of intent to launch talks on comprehensive economic partnership agreement
The Comprehensive Economic Partnership Agreement with Malaysia is part of the UAE's plans to expand its network of trading partners around the world. WAM
The UAE and Malaysia yesterday signed a joint declaration of intent on launching talks to reach a comprehensive economic partnership agreement between the two countries.
The declaration of intent was signed on the sidelines of the official visit of His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, at the head of a high-level delegation to the Malaysian capital Kuala Lumpur.
The joint declaration of intent was signed by Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi, on the UAE side, and Minister of Investment, Trade and Industry Tenku Zavroll, on the Malaysian side.
Al Zeyoudi stressed that the signing of the joint declaration of intent to launch talks on a comprehensive economic partnership agreement between the UAE and Malaysia reflects the strength and strength of bilateral relations between the two friendly countries, which have witnessed successive positive developments over the past years in all areas of cooperation, especially trade and investment relations.
He said: "Non-oil trade between the UAE and Malaysia continues its upward path during the past five years, reaching $ 4.6 billion during 2022, a growth of 5% compared to 2021, and an increase of 31% and 18% compared to 2019 and 2020, respectively. Malaysia is one of the UAE's most important non-Arab Asian trading partners, accounting for 2% of the UAE's non-oil trade with non-Arab Asia, and ranks 12th in the list of the country's most important trading partners around the world. As for imports, it comes in ninth place, and for the UAE's non-oil exports, it ranks eighth and comes in 19th place in re-exports."
He added: "The UAE is the 17th trade partner globally, and the second Arab for Malaysia, according to foreign trade data for 2022, as it accounts for 32% of Malaysia's trade with Arab countries, and the country is the first destination for Malaysian merchandise exports to Arab countries, accounting for 40% of Malaysia's exports to Arab countries."
On the growing investment relations between the two countries, Al Zeyoudi pointed out that the value of Malaysian investments in the UAE amounted to $ 150 million, distributed in the sectors of industry, building and construction, real estate activities, trade, transport and storage, financial and insurance activities, and professional and technical activities, while UAE investments in Malaysia amount to more than $ 220 million, including more than $ 51 million in the industrial sector.
He stressed that the comprehensive economic partnership agreement with Malaysia comes within the UAE's plans to expand its network of trade partners around the world, with strategically important markets on the map of international trade regionally and globally, noting that Malaysia is the fourth largest economy in the Southeast Asian region, and its economy continues to achieve record growth rates, thanks to the strong global demand for its electronics products and a large number of other goods.
He pointed out that the comprehensive economic partnership agreement between the UAE and Malaysia, once completed after the successful completion of the talks, will contribute to the consolidation of trade and investment relations between the two friendly countries, and will launch a new era of partnership aimed at providing many opportunities for joint growth for the business communities in the two countries, especially in priority sectors.
Tenku Zavrol said: "With the signing of the Joint Declaration of Intent to launch the Comprehensive Economic Partnership Agreement talks, Malaysia is committed to strengthening the long-term economic partnership with the UAE."
"This agreement will pave the way for the creation of a comprehensive economic framework based on mutual interests, which will establish stronger strategic cooperation, foster innovation, stimulate economic growth, and create jobs in both countries."
He stressed that the UAE constantly maintains its position as Malaysia's strategic trading partner in the Middle East, while Malaysia serves as an ideal gateway for the UAE to enter the Asia-Pacific markets.
"Based on our shared aspirations, we are confident that the Comprehensive Economic Partnership Agreement between Malaysia and the UAE will bring tremendous benefits to businesses, businessmen and the people of both countries, pushing the close strategic partnership between the two countries to new heights," Zavrol added.
It is noteworthy that the UAE continues to implement its plans to expand its network of trade partners through the Global Economic Agreements Program, as it has concluded four comprehensive economic partnership agreements with India, Israel, Indonesia and Turkey, the first and second agreements have already entered into force, while the third and fourth agreements will begin to be implemented soon, and the country has completed two other agreements with Georgia and Cambodia, which will be officially signed soon. At the same time, the UAE is continuing its talks to reach similar agreements with a selection of other strategically important countries on the map of international trade in different continents of the world.
$220 million worth of UAE investments in Malaysia and $150 million in Malaysia's investments in the country.
Thani Al Zeyoudi: "The UAE is the 17th trade partner globally and the second Arab partner for Malaysia, and the partnership agreement will contribute to launching a new era of opportunities and growth."
Tenko Zavroll: "Malaysia is committed to strengthening the long-term economic partnership with the UAE to push the close strategic relations between the two countries to new heights."