According to Amac News: The MATRADE CEO made this announcement at the closing of the MIHAS@Dubai exhibition, which concluded on Thursday, November 21.
He emphasized that the United Arab Emirates accounted for 42% of Malaysia's total trade with Gulf Cooperation Council (GCC) countries during the period from January to October 2024, reflecting an 11.3% growth compared to the same period last year, reaching $7.98 billion. He described the UAE as the primary destination for Malaysian exports.
He stated that the UAE, as the largest destination for Malaysia's exports in the GCC, contributed a share of 55.3% or $2.61 billion. According to Abdul Aziz, Malaysian exports to the UAE increased by 3.0% compared to the same period in 2023, driven by higher exports of jewelry, petroleum products, processed foods, as well as machinery, equipment, and parts.
The CEO of MATRADE also added that the two countries are expected to sign a Comprehensive Economic Partnership Agreement (CEPA) soon.
He noted that this agreement would provide additional benefits, including the elimination of customs duties on certain exports, enhanced cooperation in supply chains and investment, removal of unnecessary trade barriers, and strengthened collaboration between the private sectors of both countries.