Dubai Export Development Corporation (EDC) and the Malaysia External Trade Development Corporation (Maltrade) have signed a three-year memorandum of understanding (MoU) to further strengthen trade between and the UAE and Malaysia.

Malaysia’s total trade with the UAE in 2008 amounted to $4.5 billion, an increase of 45.7 per cent from $2.9 billion in 2007.

The MoU has been signed to enhance cooperation in promoting bilateral trade for the development of trade relations between Malaysia and the United Arab Emirates.

The objective of the MoU, among others, are to organise joint activities, events & trade missions in respective countries, exchange of trade information, mutual promotion and training through exchange programmes.

The agreement was signed by Saed Al Awadi, chief executive officer, EDC and Dato’ Noharuddin Nordin, chief executive officer, Maltrade, during the opening of the second Malaysia Services Exhibition (MSE) 2009 being held from March 17 to 19 at the Airport Expo Centre.

“Malaysia is one of the biggest Islamic economies which the UAE is trading with,” said Al Awadi.

“The partnership will encourage our respective companies to develop trade linkages between the two economies and promote mutual trade in our respective areas of strength,” he added.

According to the MoU, both parties shall cooperate to provide trade information, which shall benefit their companies, for joint publications and take the necessary steps to facilitate cooperation between Malaysia and the UAE in the field of trade development and promotion.

“The exchange of this MoU will further strengthen economic cooperation between Malaysia and the UAE. I am optimistic, that, with such collaborations, trade activities between both countries can be intensified,” said Nordin. – TradeArabia News Service