Malaysia pushes for FTA with GCC
December 7, 2009 by: editor
Malaysia is pushing for negotiations with the six-nation Gulf Cooperation Council (GCC) for a Free Trade Agreement (FTA), says Deputy Minister of International Trade and Industry Mukhriz Mahathir.
“The potential market exists not just in our markets but also in the wider reach that each of us has through our trade and economic linkages with the rest of the world, namely Malaysia within Asean and the various FTAs that we have concluded and likewise the GCC with their trading partners,” he told reporters.
Between 2008 and September 2009, investments from the two countries totalled RM92.9 billion. “There’s so much potential we have yet to explore with the other GCC member countries and one of it is in the services sector,” he said.
The Deputy Minister added that Islamic finance holds great potential for both countries. ”I would like to invite parties from the GCC to work with Malaysia to develop the Islamic banking industry to our mutual benefit,” he said.
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