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| Malaysia To Progress FTA With GCC |
by Mary Swire, Tax-News.com, Hong Kong
Friday, June 04, 2010
Malaysia’s Deputy International Trade and Industry Minister, Datuk Mukhriz
Mahathir, has disclosed that Malaysia is to work on the framework for a free
trade agreement (FTA) with the Gulf Cooperation Council (GCC).
Having held a meeting with the GCC Secretary-General, Abdul Rahman ibn Hamad
al-Attiyah, in Singapore, Datuk Mukhriz Mahathir said that the framework for
the FTA should be made ready for a further meeting in Kuala Lumpur in October
this year.
While it is reported that the GCC wishes to complete negotiations it has already
begun with the United States and Europe before starting talks on further agreements,
Malaysia has been requested to include trade in both goods and services within
the framework.
An FTA could boost two-way trade and
investment in a number of sectors. Malaysia is looking at opportunities in areas
such as Islamic banking and finance, ICT, renewable energy and tourism, while
the GCC countries could develop businesses in the oil and gas, plastic products
and food industries, while also setting up regional headquarters in Malaysia.
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