EU signals potential negotiations for FTA with ASEAN after 2027

The EU and ASEAN have agreed to make a region-to-region trade deal a “long-term objective”, but it might take some time before the negotiations can begin.

Jakarta (VNA) - The European Union (EU) has signaled that the bloc will review the possibility of a regional free trade agreement (FTA) with ASEAN after 2027, in the context that it has struck − or is nearing − trade deals with several ASEAN members.

EU Ambassador to ASEAN Sujiro Seam said on January 26 that the two blocs have agreed to make a region-to-region trade deal a “long-term objective”, but it might take some time before the negotiations can begin.

In the meantime, the EU will focus on bilateral trade agreements with ASEAN member states as building blocks towards a regional one, Seam said.

The 27-member grouping already has existing trade pacts with Singapore and Vietnam. The third one is a deal, dubbed the Comprehensive Economic Partnership Agreement (CEPA), with Indonesia, although this document still awaits lawmakers’ approval.

According to the diplomat, negotiations are underway for similar trade pacts with Thailand, the Philippines, and Malaysia. Seam looked back on European Commissioner for Trade and Economic Security as well as Interinstitutional Relations and Transparency Maroš Šefčovič promise to finalise the ongoing negotiations by 2027./.

VNA