Malaysia, UAE to form joint trade council

ABU DHABI: Malaysia and the United Arab Emirates (UAE)
will establish a joint trade council in the near future, said Deputy Prime Minister, Tan Sri Muhyiddin Yassin.

He said its establishment will be undertaken by the respective Chambers of Commerce of both countries to enable the existing close trade relations to continue growing rapidly.

He also said at present such cooperation between both parties was only seen at the level of Dubai and Malaysia.

"The proposal to establish the trade council was raised at the joint round-table meeting between Malaysian and UAE companies yesterday, with both groups showing keenness in moving in that direction," he added.

He was speaking to the Malaysian media at the end of his three-day official visit here from Monday.

"The Council can help...or issues related to licensing can usually use such a channel.

"If there are official meetings between both the leadership, trade issues and problems can be brought up by the Council for solutions," Muhyiddin said.

He said the emergence of the Council was also important due to prospects of investment as well as trade in various sectors, whether manufacturing, oil and gas or construction, as well as a multitude of others.

He said the government, particularly the Ministry of International Trade and Industry (Miti) will play the role of facilitator for the Council.

"Miti will also manage matters related to policy. But what is important is for industry leaders to sit and discuss those areas which need focus and attention," he added.

He said Abu Dhabi's Crown Prince, General Sheikh Mohamed Zayed Al Nahyan, had also welcomed the idea of forming the Trade Council.

Muhyiddin said he had suggested that the joint trade council be launched in Malaysia.

Meanwhile, he also said that Emke Group Sdn Bhd had expressed interest in opening a hypermarket in Malaysia.

He added that the company had a chain of more than 100 hypermarkets in West Asia.

"We very much welcome the company..it can offer lower prices ...so we hope for healthy competition which offers more choice to consumers," he said.

Muhyiddin said while the company is doing what is necessary on its part, the government will assist in expediting the process for them to start operations. - Bernama