Prime Minister Abdullah Ahmed Badawi, who is in Bahrain and has been conferred with the top leadership on enhancing cooperation in various areas, said in the wake of the financial downturn the FTA would be appropriate to find new ways for the sustainable development of respective economies.
The Malaysian premier, who opened the first Bahrain-Malaysia Business Forum at the Ritz-Carlton, Bahrain Hotel & Spa, said areas like standardization of Shariah rules can provide a level playing field to the Islamic banking industry.
“The GCC is an attractive market for Malaysia as it offers a lucrative market and wide range of opportunities for Malaysian exporters, investors and service providers. The FTA will have a significant impact in improving the status of current bilateral trade and investment between Malaysia and the GCC, which undoubtedly is still small,” said Badawi.
“There is a need much more than Malaysia and Bahrain can do to increase trade and investment opportunities between our two countries and this includes working toward the conclusion of the GCC-Malaysia FTA. Malaysia made this proposal through the GCC secretariat and has received a strong response from the business communities in Malaysia and in the region,” he added.
“We hope negotiations can commence as soon as possible and a mutually beneficial agreement is concluded in a record time,” he said.
He also urged the private sectors of both countries to take up the challenge in supporting and developing the national economies through joint efforts.