Malaysia-GCC trade up 12%

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Trade between GCC countries and Malaysia increased from $10.5 billion in 2010 to $13.4 billion in 2011, Malaysian Deputy Minister of the Ministry of International Trade and Industry Mukhriz Mahathir told the audience of the GCC-Malaysia Trade Investment Forum 2012 on October 15.

During his keynote speech, Mahathir pointed to this boost in bilateral trade, which has already grown 12 per cent between January and July 2012, as an underlining signal that the economic cooperation framework agreement signed by the two sides last year will mature into a free trade agreement in the near future.

The lion’s share of Malaysia’s imports from the GCC comes from Saudi Arabia ($2.7 million), followed by the UAE ($2.6 million) and Qatar ($1.5 million), according to the latest data published by the International Trade Center, a joint agency of the World Trade Organisation and the United Nations.

In addition to national-level cooperation, the GCC and ASEAN are going to continue their talks on a free trade agreement, which were started with the Doha Round, a series of trade negotiations among World Trade Organisation member states, said Dr Surin Pitsuwan at the Inside Investor Forum Asia 2012 held on October 8 and 9 in Doha.

“Eventually, we will have an agreement,” Pitsuwan said.

The GCC bloc has taken up an increasingly vital role with the emerging economies of Southeast Asia, supplying energy for the growing demand engendered by the region’s swelling middle class.

In turn, Southeast Asia provides agricultural opportunities for GCC members, all of which feature food security high atop their national agendas.

Beyond being an economic pillar for emerging countries, the GCC has also been responsible for supporting major institutions, such as the International Monetary Fund, the Asian Development Bank and the Islamic Development Bank.

 

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Reading Time: 1 minute

Trade between GCC countries and Malaysia increased from $10.5 billion in 2010 to $13.4 billion in 2011, Malaysian Deputy Minister of the Ministry of International Trade and Industry Mukhriz Mahathir told the audience of the GCC-Malaysia Trade Investment Forum 2012 on October 15.

Reading Time: 1 minute

Trade between GCC countries and Malaysia increased from $10.5 billion in 2010 to $13.4 billion in 2011, Malaysian Deputy Minister of the Ministry of International Trade and Industry Mukhriz Mahathir told the audience of the GCC-Malaysia Trade Investment Forum 2012 on October 15.

During his keynote speech, Mahathir pointed to this boost in bilateral trade, which has already grown 12 per cent between January and July 2012, as an underlining signal that the economic cooperation framework agreement signed by the two sides last year will mature into a free trade agreement in the near future.

The lion’s share of Malaysia’s imports from the GCC comes from Saudi Arabia ($2.7 million), followed by the UAE ($2.6 million) and Qatar ($1.5 million), according to the latest data published by the International Trade Center, a joint agency of the World Trade Organisation and the United Nations.

In addition to national-level cooperation, the GCC and ASEAN are going to continue their talks on a free trade agreement, which were started with the Doha Round, a series of trade negotiations among World Trade Organisation member states, said Dr Surin Pitsuwan at the Inside Investor Forum Asia 2012 held on October 8 and 9 in Doha.

“Eventually, we will have an agreement,” Pitsuwan said.

The GCC bloc has taken up an increasingly vital role with the emerging economies of Southeast Asia, supplying energy for the growing demand engendered by the region’s swelling middle class.

In turn, Southeast Asia provides agricultural opportunities for GCC members, all of which feature food security high atop their national agendas.

Beyond being an economic pillar for emerging countries, the GCC has also been responsible for supporting major institutions, such as the International Monetary Fund, the Asian Development Bank and the Islamic Development Bank.

 

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