Kuala Lumpur: The Malaysia-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) signed on Tuesday has established a new benchmark for Malaysia, being finalized in a remarkable 11 months, as announced by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. This accomplishment highlights the dedication and collaborative efforts of both nations.

According to BERNAMA News Agency, the agreement is anticipated to increase bilateral trade volume by at least 60 percent over the next five years, contributing to sustainable economic growth. Tengku Zafrul emphasized that this CEPA is notable as it marks the first free trade agreement between Malaysia and a Gulf Cooperation Council (GCC) member.

The minister outlined that the successful conclusion of these negotiations represents a significant milestone in enhancing economic ties between Malaysia and the UAE. He expressed optimism that CEPA would pave the way for closer economic integration and mutual prosperity for both countries.

Tengku Zafrul also highlighted future aspirations, stating that Malaysia aims to negotiate free trade agreements with other GCC member states, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, following the success of the current agreement.