Kuala lumpur: The Ministry of Investment, Trade and Industry (MITI) will commence free trade agreement (FTA) negotiations with the Gulf Cooperation Council (GCC) countries early next year, said MITI secretary-general Datuk Hairil Yahri Yaacob today. He mentioned that the bilateral meeting with the GCC countries will be held in Riyadh, Saudi Arabia.

According to BERNAMA News Agency, Hairil stated, "We will start negotiations with GCC countries and we hope the FTA with the GCC will expand our export markets and reduce our dependence on selected countries." He made these remarks after a briefing on the Agreement on Reciprocal Trade (ART), which included key stakeholders such as the Associations of Veterans of Malaysian Uniformed Services, the Muslim Consumers Association of Malaysia, and the Malay Chamber of Commerce Malaysia.

Hairil highlighted that prior discussions had already taken place informally through online engagements, during which both sides agreed on the scope of the negotiations. He emphasized this initiative as a strategy to explore new markets and diversify the country's export markets amid the challenges posed by the ART.

The media had earlier reported that the first round of FTA negotiations with the GCC countries was expected to begin in December this year. However, Hairil clarified that the date has been amended, and the talks are now scheduled for early next year. The GCC countries involved in these upcoming negotiations include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.