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Asean, gulf countries to enhance trade ties


August 23, 2008

Asean, gulf countries to enhance trade ties
The establishment of the Gulf Cooperation Council(GCC)-Asean Economic Center (GAEC) in Kuala Lumpur, Malaysia on Thursday is expected to further strengthen economic ties between the GCC and Asean countries through the facilitation of inter-regional trade and investment activities, local media reported on Friday.

For the first six months of the year, trade between GCC countries and Malaysia totaled $9.5 billion while foreign direct investments from the region totaled $3.6 billion, the New Straits Times said.

The GAEC provides a useful platform for businessmen in Malaysia and the Asean region intending to expand their business operations in the Middle East, particularly in GCC countries.

Similarly, businessmen from the Middle East can also make use of this center to penetrate the Malaysian and Asean markets.

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