The government of Malaysia submitted a proposal to conclude a framework agreement for economic cooperation with the GCC States. The Ministerial Council, at its 116th session (September 2010) approved signing of the framework agreement for economic, technical and investment cooperation between the GCC States and Malaysia. The framework agreement was signed in Abu Dhabi, UAE, on 30th January 2011. It stipulates to form a joint committee for economic, trade, investment and technical cooperation.
The Secretariat General has prepared draft joint action between the two sides for the period of 2012-2015, in light of the areas of cooperation contained in the framework agreement. It has been approved by the GCC side on 12th June 2012, in preparation of submitting it to the meeting of the Joint Committee.
In addition, the Ministerial Council also agreed to hold an exploratory meeting between the GCC Secretariat General and the government of Malaysia to discuss the possibility of an FTA. This meeting was held at the headquarters of the Secretariat general on 20th February 2011. It was agreed upon to complete the discussions in this topic once the GCC states complete the study of free trade agreements about which they are negotiating with countries and international economic groupings.