Illustrative image. (Photo: itc.gov.my)

Kuala Lumpur (VNA)
– The negotiation on the free trade agreement (FTA) between Malaysia and the European Union (EU) is scheduled to conclude within the first quarter of 2016 after a five-year process.

The agreement is Malaysia’s latest bilateral initiative with the EU, Ong Ka Chuan, Second International Trade and Industry Minister said, adding that Malaysia will actively pursue the completion of the negotiation as the country will benefit greatly from the deal.

According to the minister, foreign investment into Malaysia is expected to increase following the agreement which will allow tax-free exports and imports of goods from the EU, which represents 28 countries with a market of 500 million people.

Once the tax barriers are removed, job opportunities will increase to give the economy a great push, he noted.

Malaysia and the EU started their FTA negotiation in 2010, which was put on hold last year as both sides were still studying the guidelines and limitations around the deal.-VNA