The United Arab Emirates and Malaysia have signed a Complete Financial Partnership Settlement (CEPA) throughout a ceremony witnessed by President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Excellency Anwar Ibrahim, Prime Minister of Malaysia.
The settlement is designed to speed up bilateral commerce, promote personal sector collaboration, and create new alternatives for funding in high-growth sectors.
The CEPA was signed at Abu Dhabi Nationwide Exhibition Centre (ADNEC) within the presence of each leaders by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for International Commerce, and His Excellency Tengku Zafrul Aziz, Malaysia’s Minister of Funding, Commerce and Business.
His Highness Sheikh Mohamed bin Zayed Al Nahyan emphasised the importance of the settlement in strengthening the economies of each nations, noting that it’s a pivotal milestone in UAE-Malaysia relations.
His Highness remarked that Malaysia, with its fast-growing economic system and pro-trade insurance policies, is a crucial companion in Southeast Asia. His Highness famous that the settlement goals to deepen cooperation in key sectors, reinforce provide chains, unlock funding potential, and open new doorways for the 2 nations’ personal sectors to thrive collectively.
The UAE-Malaysia CEPA will cut back or remove tariffs on a variety of products, streamline commerce procedures, and improve market entry for service exports. Malaysia, Southeast Asia’s fourth-largest economic system, is already one of many UAE’s prime buying and selling companions within the ASEAN area, with non-oil bilateral commerce reaching US$4.9 billion in 2023 and US$4 billion within the first 9 months of 2024. The UAE can also be Malaysia’s second-largest commerce companion within the Arab world, accounting for 32% of Malaysia’s commerce with Arab nations.
The settlement is projected to solidify the UAE as a strategic hub for Malaysian exports to the Center East, North Africa, and past whereas opening the ASEAN market to UAE buyers and entrepreneurs.
The UAE’s CEPA programme is a cornerstone of its efforts to drive non-oil overseas commerce to AED 4 trillion (US$1.1 trillion) by 2031 and foster worldwide cooperation with strategic markets such because the ASEAN bloc, which boasts a GDP of greater than US$2.9 trillion and a inhabitants of 647 million individuals.
With CEPAs already in drive with Indonesia and Cambodia, the UAE is bolstering its ties to the area and consolidating its standing as a worldwide commerce hub that connects high-growth economies and expands alternatives for the personal sector throughout Asia.
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