M'SIA TO INCLUDE ISLAMIC BANKING IN FTA TALKS WITH GCC

From Nor Baizura Basri

ABU DHABI, April 27 (Bernama) -- Malaysia, which is currently in the midst
of negotiating a free trade agreement (FTA) with the Gulf Cooperation Council
(GCC), will look at several sectors including Islamic banking to be included in
the FTA.

Malaysian Ambassador to United Arab Emirates (UAE), Yahaya Abdul
Jabar, said the country was looking at all sectors but priority will be in
Islamic banking, construction, information communication technology, renewable
energy and tourism.

"These are the sectors that we want to focus on but we definitely want to
look at all possible potential areas that we can work together," he told
Malaysian reporters here on the sidelines of the Malaysia International Islamic
Financial Centre (MIFC) road show which kicked off Monday.

The MIFC delegation, comprising regulators, industry players and fund
managers, are currently on a mission, among others, to further explore potential
investment opportunities in the UAE and Saudi Arabia for Malaysian investors.

The more-than-50-member delegation, is being led by the Crown Prince of
Perak Raja Dr Nazrin Shah, who is MIFC Financial Ambassador.

Abu Dhabi is the first stop of the road show.

Yahaya said the FTA discussions, which have been going on for about a year,
would likely take a little more time to be finalise as Malaysia is talking with
all the GCC members.

"It is a collective agreement between Malaysia and GCC, that is why it would
take more time. Malaysia is discussing with seven countries altogether, so some
countries might have some issues," he added.

Apart from the GCC countries, Turkey and the European Union are also eyeing
a FTA with Malaysia.

According to recent news reports, the GCC economy is set to hit US$2
trillion in economy in the next decade and will become increasingly important to
the global economy.

Recently, the GCC proposed that Malaysia and the GCC work towards
establishing a framework agreement as an initial step.

-- BERNAMA



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