UAE, Malaysia conclude negotiations on Comprehensive Economic Partnership Agreement

Kuala Lumper, The UAE and Malaysia have successfully fainalised negotiations on comprehensive economic partnership agreement (CEPA) paving the way for its official signing at a later date. The final terms of the agreement inaugurate a new era of trade and investment partnership between the two countries, according to the Emirates News Agency (WAM). Key features include the elimination or reduction of tariffs, the removal of unnecessary trade barriers and the enhancement of cooperation and partnership within the private sector, alongside the identification of new investment opportunities. The agreement builds on the strong economic ties between the countries. The volume of bilateral non-oil trade exceeded $4.9 billion dollars in 2023. In the first half on 2024, the volume of non-oil trade reached $2.5 billion dollars, reflecting a 7% increase compared to the same period last year. Malaysia ranks as the 12th largest trading partner of the UAE in Asia and the 5th among the Association of Southeast Asian Na tions (ASEAN). The UAE is Malaysia' s second largest trading partner in the Arab world, with a share of 32% of Malaysia's total trade with Arab countries and is considered as the primary destination for about 40% of Malaysia's goods export to the Arab world. Source: Bahrain News Agency