Kuala Lumpur: Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi and Malaysia's Minister of Investment, Trade, and Industry Tengku Zafrul Abdul Aziz signed a joint statement today to launch negotiations for a Free Trade Agreement (FTA) between the GCC and Malaysia.
According to Saudi Press Agency, the signing occurred on the sidelines of the GCC summit with the Association of Southeast Asian Nations (ASEAN), hosted in the Malaysian capital, Kuala Lumpur.
The GCC and Malaysia have affirmed that the signing marks the start of formal negotiation rounds covering a broad range of sectors of mutual interest. A future agreement is expected to enhance the status of the GCC and Malaysia as major trade and investment partners while addressing key economic issues.