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ASEAN, EU strengthen cooperation for economic growth, integration

The European Union (EU) views ASEAN as the best economic opportunity, driven by strong business confidence and growing economic potential, said European Commissioner for Trade and Economic Security, Interinstitutional Relations and Transparency Maros Sefcovic.

Kuala Lumpur (VNA) - The European Union (EU) views ASEAN as the best economic opportunity, driven by strong business confidence and growing economic potential, said European Commissioner for Trade and Economic Security, Interinstitutional Relations and Transparency Maros Sefcovic.

In his opening remarks at the 21st AEM-European Union (EU) Trade Commissioner Consultation, Sefcovic said this reaffirmed the EU’s commitment to strengthening trade and investment ties with ASEAN, underlining the bloc’s strategic interest in the region.

Sefcovic also emphasised the need to simplify customs procedures and improve the ease of doing business between the two regions, as the EU views ASEAN not only as a political partner, but also as an attractive economic destination for new investments.

On free trade agreements (FTAs), he said that while the EU has already concluded agreements with Singapore, Vietnam and, most recently, Indonesia, negotiations are actively underway with Malaysia, Thailand and the Philippines. The EU believes that these bilateral FTAs can serve as a building block towards the future region-to-region FTA, he stated.

Meanwhile, Malaysian Minister of Investment, Trade and Industry Tengku Datuk Seri Zaful Abdul Aziz said that amid multiple global challenges, ASEAN and the EU are uniquely positioned to turn challenges into opportunities.

Therefore, he said by strengthening the partnership is not only about navigating current disruptions, it is also about unlocking the shared potential in critical areas such as digital transformation, green transition, supply chain resilience and sustainable investment.

The meeting also highlighted that based on ASEAN’s preliminary statistics, two-way trade between ASEAN and the EU reached 292.8 billion USD in 2024, while foreign direct investment (FDI) inflows from the EU into ASEAN totalled 20 billion USD during the same period.

In a joint statement, both sides reiterated their commitment to strengthening cooperation, especially ahead of the 14th WTO Ministerial Conference (MC14), scheduled for March 2026 in Cameroon. The statement reaffirmed the WTO’s crucial role in global economic growth and called for reform to make the organisation more effective in addressing future trade challenges./.

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