ID :
51188
Wed, 03/18/2009 - 15:16
Auther :
Shortlink :
https://oananews.org//node/51188
The shortlink copeid
M`SIA, UAE EYE JOINT COMMITTEE TO FURTHER BOOST TRADE, INVESTMENT
DUBAI, March 18 (Bernama) -- Malaysia and the United Arab Emirates (UAE)
may consider setting up a joint committee on trade and investment to further
boost economic ties between the two countries.
Malaysia's International Trade and Industry Minister Muhyiddin
Yassin said he brought up the matter in talks with UAE's Foreign Trade
Minister Sheikha Lubna Al Qasimi, on the sidelines of the ongoing Malaysia
Services Exhibition (MSE) 2009 at the Dubai Airport Expo Exhibition Centre
here.
"The establishment of such a committee could well widen trade and
investment opportunites for both sides. The proposed committee could hold
meetings alternately in Malaysia and the UAE," he told Malaysian journalists
covering MSE 2009.
Malaysia's trade with the UAE stood at RM20.9 billion last year, up 43.9 per
cent from RM14.5 billion in 2007. The bilateral trade is in Malaysia's favour,
with RM12.5 billion (US$1=RM3.66) worth of goods -- not including services -
exported to the UAE.
Muhyiddin also reiterated that Malaysia was keen to start talks on a free
trade agreement (FTA) with the Gulf Cooperation Council (GCC), of which the UAE
is a member.
The other five members of the GCC are Bahrain, Oman, Kuwait, Qatar and Saudi
Arabia.
"We want to focus on FTA talks with the GCC. We hope that they are
favourable to the idea for FTA discussions to start as soon as
possible," said Muhyiddin.
Noting that the FTA arrangement would bring numerous benefits to the
parties involved, the minister said it was too early for him to pinpoint issues
that may be up for discussion.
"If everything goes smoothly and expectations are not too high, then maybe
it would be easier to conclude the FTA talks," he said.
Muhyiddin also held a separate meeting with members of a business council
comprising Malaysian companies operating in the UAE.
According to him, they should keep track of opportunities available in this
Gulf nation as well as monitor policies and regulations that could have a
bearing on trade and investment activities.
"They should also serve as the link between Malaysian and local businessmen
here, including attracting investments into Malaysia," he said.
To a question, Muhyiddin said they should come up with a paper outlining
the assistance needed to facilitate their operations in the UAE.
"They told me of ample opportunities in getting projects here.But they may
need funds from Malaysian financial institutions to enable them to undertake
such projects," he said.
"So, they should put up a paper on this, and other matters.If the need
arises, we'll bring it up with relevant bodies like the Finance Ministry,
Central Bank of Malaysia (Bank Negara) and financial institutions to find ways
to address the concerns," he added.
-- BERNAMA
may consider setting up a joint committee on trade and investment to further
boost economic ties between the two countries.
Malaysia's International Trade and Industry Minister Muhyiddin
Yassin said he brought up the matter in talks with UAE's Foreign Trade
Minister Sheikha Lubna Al Qasimi, on the sidelines of the ongoing Malaysia
Services Exhibition (MSE) 2009 at the Dubai Airport Expo Exhibition Centre
here.
"The establishment of such a committee could well widen trade and
investment opportunites for both sides. The proposed committee could hold
meetings alternately in Malaysia and the UAE," he told Malaysian journalists
covering MSE 2009.
Malaysia's trade with the UAE stood at RM20.9 billion last year, up 43.9 per
cent from RM14.5 billion in 2007. The bilateral trade is in Malaysia's favour,
with RM12.5 billion (US$1=RM3.66) worth of goods -- not including services -
exported to the UAE.
Muhyiddin also reiterated that Malaysia was keen to start talks on a free
trade agreement (FTA) with the Gulf Cooperation Council (GCC), of which the UAE
is a member.
The other five members of the GCC are Bahrain, Oman, Kuwait, Qatar and Saudi
Arabia.
"We want to focus on FTA talks with the GCC. We hope that they are
favourable to the idea for FTA discussions to start as soon as
possible," said Muhyiddin.
Noting that the FTA arrangement would bring numerous benefits to the
parties involved, the minister said it was too early for him to pinpoint issues
that may be up for discussion.
"If everything goes smoothly and expectations are not too high, then maybe
it would be easier to conclude the FTA talks," he said.
Muhyiddin also held a separate meeting with members of a business council
comprising Malaysian companies operating in the UAE.
According to him, they should keep track of opportunities available in this
Gulf nation as well as monitor policies and regulations that could have a
bearing on trade and investment activities.
"They should also serve as the link between Malaysian and local businessmen
here, including attracting investments into Malaysia," he said.
To a question, Muhyiddin said they should come up with a paper outlining
the assistance needed to facilitate their operations in the UAE.
"They told me of ample opportunities in getting projects here.But they may
need funds from Malaysian financial institutions to enable them to undertake
such projects," he said.
"So, they should put up a paper on this, and other matters.If the need
arises, we'll bring it up with relevant bodies like the Finance Ministry,
Central Bank of Malaysia (Bank Negara) and financial institutions to find ways
to address the concerns," he added.
-- BERNAMA
