The President of the European Commission (EC) Ursula von der Leyen and the European Commissioner for Trade and Economic Security Maroš Šefčovič informed on Monday that on the occasion of the visit of Malaysian Prime Minister Anwar bin Ibrahim in Brussels, to relaunch negotiations on the EU-Malaysia Free Trade Agreement. The TASR reporter informs about it.
The EC press release states that the resumption of negotiations comes “at a critical time” when geopolitical tensions are escalating and the risk of instability is growing. “While some turn inward toward isolation and fragmentation, Europe and Malaysia are choosing a different path: building partnerships and creating new opportunities for our people.” said the head of the European Commission in this regard.
According to her, the EU and Malaysia share a commitment to the rules-based international order, economic openness, sustainable development and regional stability. She specified that Europe is determined to promote a free and open Indo-Pacific regionwhere both parties share significant interests and obligations.
Malaysia is the third largest trading partner in the ASEAN group and its current presidency in this organization, according to the EC, plays a central role in shaping the future direction of this bloc. A free trade agreement between the EU and Malaysia would take mutual trade relations to the next level. The current trade turnover of 45 billion euros per year should be increased and provide even greater benefits for businesses and consumers, especially for industrial products.
“As with all European free trade agreements, this is about more than just economic exchanges. Our goal will be to build our partnership on firm commitments in the field of labor rights and climate and environmental protection. The agreement will provide a platform for dialogue on issues the EU cares deeply about, including respect for human rights. Sustainability and free trade can and must go hand in hand,” said von der Leyen.
After the negotiations of the head of the EU executive with the Prime Minister of Malaysia, European Commissioner Šefčovič welcomed the resumption of negotiations on the free trade agreement between the EU and Malaysia in a joint statement with the Malaysian Minister of Investment, Trade and Industry Tengku Abdul Aziz.
“It marks the beginning of an important improvement in our trade relations and the integration of our two economies. In today’s changing geopolitical environment, it is essential to build new partnerships, foster collaboration and explore new opportunities. We do that through these conversations. A modern and dynamic free trade agreement will bring mutual benefits, open doors to new business opportunities and increase the resilience of our supply chains,” said Šefčovič and Abdul Aziz.
According to Šefčovič, the first round of negotiations on a trade agreement should take place already in the coming months.
