Biden-McCarthy debt talk ends with optimism, but without a deal

Biden-McCarthy debt talk ends with optimism, but without a deal

Abu Dhabi: UAE and Malaysia have signed a joint statement agreeing to launch negotiations to establish a Comprehensive Economic Partnership Agreement (CEPA). The agreement was signed on the sidelines of the official visit of Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, to the Malaysian capital Kuala Lumpur. “Non-oil trade between the UAE and Malaysia continues its upward trajectory over the past five years, reaching $4.6 billion in 2022, a growth of 5 per cent compared to 2021, and up 31 per cent and 18 per cent compared to 2020 and 2019, respectively,” said Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade. “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. 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 amount to $150 million across various sectors while UAE investments in Malaysia amount to