KUALA LUMPUR: Both Malaysia and the Gulf Cooperation Council (GCC) have yet to come up with a framework outlining a free trade agreement says International Trade and Industry Minister Datuk Seri Mustapa Mohamed.
The soft economic growth in the region following the global crisis as well as conflicts in other countries in the region namely Syria were among other reasons for both parties to place the talks back on the back burner.
“We’re still keen and, in my discussions with the Saudi trade minister, have indicated that matters need to be expedited.
Mustapa said there has been no movements since the signing of the MOU in 2011 to mark the intention to pursue an FTA.
Malaysia is keen to have a FTA covering goods, services and investments with the GCC countries comprising Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates.
Since the global crisis, investment activities have been slowing although trade to western Asia and north Africa rose.
He was speaking at a media briefing after launching the Arab Malaysian Chamber of Commerce business symposium and sixth AGM here yesterday.
At the event Mofaz Dagang also signed an agreement with Syarkah Bardjamana to be the latter’s sole distributor of products in Malaysia and Brunei.
Meanwhile the Arab community will their own arts centre in Safuan Plaza at Chow Kit.
It will house the artistic works from Yemen, Algeria, Tunisia and Morocco.