The CEO of the Malaysia External Trade Development Corporation (MATRADE), Mohd Mustafa Abdul Aziz, announced that the total sales recorded during the “MIHAS@Dubai” exhibition, which concluded yesterday in Dubai, amounted to USD 510 million. He highlighted that the UAE accounted for 42% of Malaysia’s total trade with Gulf countries during the period from January to October 2024, reflecting an 11.3% growth compared to the same period last year, reaching USD 7.98 billion, and described the UAE as a leading destination for Malaysian exports.

He said: “As the largest destination for Malaysia’s exports in the GCC, the UAE contributed a share of 55.3% or USD 2.61 billion. Malaysian exports to the UAE increased by 3.0% compared to the same period in 2023, driven by higher exports of jewellery, petroleum products, processed foods, as well as machinery, equipment, and parts.”

The CEO of MATRADE added that the two countries are expected to sign a Comprehensive Economic Partnership Agreement (CEPA) soon: “The agreement, expected to be signed soon, will provide additional benefits, including the elimination of customs duties on certain exports, enhanced cooperation in supply chains and investment, the removal of unnecessary trade barriers, and strengthened collaboration between the private sectors in both countries. These measures will open new horizons for investment, following the successful conclusion of negotiations last October in Kuala Lumpur.”