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Malaysia signs economic partnership deal with EFTA

The pact covers goods, services, investments, intellectual property rights, customs facilitation, competition policy, sanitary and phytosanitary, trade and sustainable development, government procurement and economic cooperation.

At the signing ceremony (Photo: the Malaysian Ministry of Investment, Trade and Industry - Bernama.com)
At the signing ceremony (Photo: the Malaysian Ministry of Investment, Trade and Industry - Bernama.com)

Kuala Lumpur (VNA) - Malaysia and the European Free Trade Association (EFTA) member states have signed an economic partnership agreement, opening a new chapter for Malaysia’s trade, investment and economic relations with Switzerland, Norway, Iceland and Liechtenstein.

Malaysian Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Aziz said as a trading nation, it is important for Malaysia to maintain its neutral and non-aligned stance, particularly in the face of current geopolitical uncertainties that complicate the global trading landscape.

He said Malaysia’s unwavering neutrality and non alignment is also reflected in the signing of the Malaysia-EFTA Economic Partnership Agreement (MEEPA), which is its 18th free trade agreement (FTA) thus far and is part of the country’s enhanced attempt to diversify its markets amid global economic uncertainties.

The official said as Malaysia’s first FTA with several European countries, MEEPA is also expected to pave the way for expedited Malaysia-EU FTA negotiations.

The pact covers goods, services, investments, intellectual property rights, customs facilitation, competition policy, sanitary and phytosanitary, trade and sustainable development, government procurement and economic cooperation.

The agreement also has a robust built-in agenda for cooperation and capacity building programmes to further strengthen the development of sectoral capabilities in areas such as engineering, science, technology and innovation; green mobility and transportation; digitalisation and automation; pharmaceuticals and medical devices; as well as human capital development through training, internships and expert exchange programmes./.

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