MALAYSIA KEEN TO EXPEDITE FTA WITH GCC

KUALA LUMPUR, Nov 30 (Bernama) -- Malaysia is keen to expedite negotiations
with the six-nation Gulf Cooperation Council (GCC) for a Free Trade Agreement
(FTA) between the two parties, Deputy Minister of International Trade and
Industry Mukhriz Mahathir said Monday.

He said Malaysia and the GCC member countries have much to gain from
expanded trade and investment ventures.

"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
after opening the Malaysia-Arab Business Forum.

Mukhriz said currently Malaysia's economic linkages with the GCC and
members of the Organisation of The Islamic Conference were mainly with Saudi
Arabia and the United Arab Emirates.

Earlier, in his speech, Mukhriz said between 2008 and September 2009,
investments from the two countries totalled RM92.9 billion (US$27.4 bilion),
with a fairly strong Malaysian presence there.

"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.

Mukhriz invited interested parties within the GCC seeking Islamic financing
to take advantage of the wide range of syariah-compliant services available in
Malaysia.

He said Malaysia was gearing up to be a premier international Islamic
financial centre for the origination, distribution and trading of Islamic
capital market products including treasury instruments such as sukuk (Islamic
bond) .

"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, adding
that the government had introduced various measures and tax incentives to create
a modern and efficient international Islamic financial centre.

Asked to comment on the current Dubai financial crisis potential impact on
Malaysia, Mukhriz said: " I can't really say how it has impacted us so far, but
being a trading nation, we are keeping a keen eye on developments in that area."
-- BERNAMA