The UAE and Malaysia have agreed to start negotiations on a Comprehensive Economic Partnership Agreement to boost trade ties between the two countries.
A joint statement to start talks on the trade deal was signed on the sidelines of the official visit of Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, to the Malaysian capital Kuala Lumpur, state-news agency Wam reported on Tuesday.
The negotiations “have built upon strong growth in bilateral trade and investment over recent years”, said Dr Thani Al Zeyoudi, Minister of State for Foreign Trade.
Non-oil trade between the UAE and Malaysia reached $4.6 billion in 2022, a growth of 5 per cent compared with the previous year and up 31 per cent from 2020.
“Today, the UAE is Malaysia’s 17th trade partner globally and the second in the Middle East, accounting for 32 per cent of Malaysia’s trade with Arab countries,” Dr Al Zeyoudi said.
“The UAE is also the first destination for Malaysian merchandise exports to Arab countries, accounting for 40 per cent of its exports to the region. The other way, Malaysia ranks eighth globally for UAE exports and 19th in re-exports.”
The value of Malaysian investments in the UAE amounts to $150 million across the sectors of industry, building and construction, real estate, trade, transport, storage, financial activities, insurance, and professional and technical activities, he said.
Meanwhile UAE investments in Malaysia stand at more than $220 million, including more than $51 million in the industrial sector.
The UAE, the Arab world’s second-largest economy, is seeking to develop closer trade and investment relations with partners around the world.
It is working towards signing 26 Cepas as it seeks to diversify its economy, Minister of Economy Abdulla bin Touq said in March.
The country has already signed Cepas with India, Israel, Indonesia and Turkey, and is close to finalising agreements with Kenya.
In April, it finalised the terms of a similar pact with Cambodia and also recently concluded negotiations for a new trade deal with Georgia.
The UAE also started talks for Cepa deals with Costa Rica as well as with Thailand and Vietnam.
“With the commencement of negotiations for the Malaysia-UAE Cepa, Malaysia is committed to enhancing the long-standing economic partnership with the UAE,” said Tengku Zafrul Aziz, Malaysian Minister of Investment, Trade and Industry.
“It will set the stage for a comprehensive and mutually beneficial economic framework that will forge stronger strategic collaborations, foster innovation, spur economic growth, and create job opportunities for both nations.”
The UAE’s foreign trade agenda is part of the nation’s growth strategy that seeks to double the size of the economy to $762 billion by 2030.
Last year, the Emirates’ non-oil foreign trade surged 17 per cent annually to reach a record Dh2.23 trillion ($607.2 billion).
This was the first time the UAE’s non-oil foreign trade crossed the Dh2 trillion mark.
Non-oil trade between the UAE and India has jumped following the signing of the Cepa deal last year and is expected to exceed $50 billion this year.
In the first 11 months of the Cepa between the two countries – between May 1, 2022 and March 31, 2023 – bilateral non-oil trade reached $45.5 billion, Dr Al Zeyoudi said this month.
This was a 7 per cent increase from the same period a year ago.
“We're going to exceed $50 billion for sure this year for non-oil trade and this means we're moving towards the right direction of $100 billion by 2030 … we're going to push by all means to ensure that we hit the target even earlier,” Dr Al Zeyoudi told The National on the sidelines of the Annual Investment Meeting.
The UAE aims to implement Cepa deals with Indonesia and Turkey “soon”, according to the Wam report.
MATCH INFO
Sheffield United 3
Fleck 19, Mousset 52, McBurnie 90
Manchester United 3
Williams 72, Greenwood 77, Rashford 79
What She Ate: Six Remarkable Women & the Food That Tells Their Stories
Laura Shapiro
Fourth Estate
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
KILLING OF QASSEM SULEIMANI
Vaccine Progress in the Middle East
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Five%20calorie-packed%20Ramadan%20drinks
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What is 'Soft Power'?
Soft power was first mentioned in 1990 by former US Defence Secretary Joseph Nye.
He believed that there were alternative ways of cultivating support from other countries, instead of achieving goals using military strength.
Soft power is, at its root, the ability to convince other states to do what you want without force.
This is traditionally achieved by proving that you share morals and values.
Company%C2%A0profile
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Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
In numbers
- Number of children under five will fall from 681 million in 2017 to 401m in 2100
- Over-80s will rise from 141m in 2017 to 866m in 2100
- Nigeria will become the world’s second most populous country with 791m by 2100, behind India
- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100
- an average of 2.1 children per woman is required to sustain population growth
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
KILLING OF QASSEM SULEIMANI
More coverage from the Future Forum
Mohammed bin Zayed Majlis
Read more about the coronavirus
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
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Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 849Nm
Range: 456km
Price: from Dh437,900
On sale: now
heading
Iran has sent five planeloads of food to Qatar, which is suffering shortages amid a regional blockade.
A number of nations, including Iran's major rival Saudi Arabia, last week cut ties with Qatar, accusing it of funding terrorism, charges it denies.
The land border with Saudi Arabia, through which 40% of Qatar's food comes, has been closed.
Meanwhile, mediators Kuwait said that Qatar was ready to listen to the "qualms" of its neighbours.
The Comeback: Elvis And The Story Of The 68 Special
Simon Goddard
Omnibus Press
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
Mohammed bin Zayed Majlis
Star%20Wars%3A%20Episode%20I%20%E2%80%93%20The%20Phantom%20Menace
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The specs
Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022
