The United Arab Emirates (UAE) and Malaysia have solidified their economic partnership by signing a Comprehensive Economic Partnership Agreement (CEPA) during a ceremony at the Abu Dhabi National Exhibition Centre (ADNEC).
The event was witnessed by UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Malaysian Prime Minister His Excellency Anwar Ibrahim.
Signed by UAE Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and Malaysia’s Minister of Investment, Trade and Industry, Tengku Zafrul Aziz, the agreement aims to enhance trade, foster private-sector collaboration, and unlock investment opportunities in high-growth sectors.
His Highness Sheikh Mohamed bin Zayed highlighted the significance of the CEPA, calling it a pivotal milestone in UAE-Malaysia relations. He emphasized Malaysia’s importance as a strategic partner in Southeast Asia and noted the agreement’s potential to deepen cooperation, strengthen supply chains, and create new avenues for private sector growth.
The CEPA is set to reduce tariffs, streamline trade procedures, and improve market access for service exports. In 2023, non-oil trade between the UAE and Malaysia reached $4.9 billion, with $4 billion recorded in the first nine months of 2024.
This agreement positions the UAE as a key hub for Malaysian exports to the Middle East and North Africa while offering UAE investors enhanced access to ASEAN markets, valued at $2.9 trillion.
Part of the UAE’s ambitious plan to boost non-oil foreign trade to AED 4 trillion ($1.1 trillion) by 2031, the CEPA underscores the nation’s growing influence as a global trade hub. With similar agreements already in place with Indonesia and Cambodia, the UAE continues to strengthen its ties with the ASEAN bloc.
News Source: Emirates News Agency
