Malaysia and the European Union (EU) began free trade negotiations on October 5, to increase bilateral trade and create business opportunities worth billions of euros.
The negotiations were announced by Malaysia’s Prime Minister Najib Razak and the President of the European Commission Jose Manual Barroso on the sidelines of the eighth Asia-Europe Meeting (ASEM) in Brussels, Belgium.
The free trade deal between Malaysia and the EU will focus on economic cooperation and facilitate trade and investment as well as open up both markets to commodities and services.
The deal will also cover issues relating to tariff barriers and commitments on other trade related issues, notably procurement, competition and sustainable development.
This is the first time that Malaysia has included sustainable development and government procurement commitments in a free trade agreement.
The EU is Malaysia's fourth largest trading partner, while Malaysia is the EU's 22nd largest. Two way trade reached 24.4 billion EUR (33.6 billion USD) in 2009.
The launch of negotiations with Malaysia is the next step in strengthening the EU's trade links with Southeast Asia.
Last December, EU member states gave the green light for the bloc to conduct negotiations on free trade agreements with each ASEAN member country, beginning with Singapore in March 2010.
The EU is also expected to sign a free trade agreement with the Republic of Korea on October 6./.
The negotiations were announced by Malaysia’s Prime Minister Najib Razak and the President of the European Commission Jose Manual Barroso on the sidelines of the eighth Asia-Europe Meeting (ASEM) in Brussels, Belgium.
The free trade deal between Malaysia and the EU will focus on economic cooperation and facilitate trade and investment as well as open up both markets to commodities and services.
The deal will also cover issues relating to tariff barriers and commitments on other trade related issues, notably procurement, competition and sustainable development.
This is the first time that Malaysia has included sustainable development and government procurement commitments in a free trade agreement.
The EU is Malaysia's fourth largest trading partner, while Malaysia is the EU's 22nd largest. Two way trade reached 24.4 billion EUR (33.6 billion USD) in 2009.
The launch of negotiations with Malaysia is the next step in strengthening the EU's trade links with Southeast Asia.
Last December, EU member states gave the green light for the bloc to conduct negotiations on free trade agreements with each ASEAN member country, beginning with Singapore in March 2010.
The EU is also expected to sign a free trade agreement with the Republic of Korea on October 6./.
