KUALA LUMPUR: The Malaysia-European Union Free Trade Agreement is anticipated to be finalised by next year as negotiations enter their concluding phase.
European Commissioner for Trade and Economic Security Maroš Šefčovič confirmed the final stages of MEUFTA discussions will commence shortly.
He stated the agreement will adopt a comprehensive partnership framework that has historically enhanced trade, employment, investment, and bilateral relations globally.
“I am sure that trade as we see it today between Malaysia and Europe, which is in the realm of 46 billion euros, will grow quickly once this FTA is in place,” Šefčovič remarked during his keynote address at the ASEAN-EU Business Summit 2025.
The summit is being held concurrently with the 57th ASEAN Economic Ministers’ Meeting and Related Meetings.
Šefčovič noted that Malaysia and the EU have developed significant expertise in addressing complex issues like public procurement, state-owned enterprises, and agricultural sensitivities.
Both parties have also accumulated insight into critical raw materials, export-import licensing, and non-tariff barriers.
“I clearly hope that we will be able to proceed with the negotiations quite swiftly,” he added.
The Commissioner emphasised Europe’s role as an attractive partner due to its status as the world’s largest trading bloc and single market.
He reassured that the EU remains a reliable, transparent, and fair partner for Malaysia.
Šefčovič also highlighted that free trade agreements with Malaysia, Thailand, and the Philippines are collectively targeted for completion by 2027.
These bilateral agreements will establish a crucial network serving as foundational elements for a broader ASEAN-EU FTA.
The year 2027 will mark five decades of dialogue between the European Union and ASEAN.
Šefčovič expressed hope that this milestone will be celebrated by formalising a comprehensive strategic partnership.
The EU currently maintains trade agreements with Singapore and Vietnam, alongside a recently concluded pact with Indonesia.
Commissioner Šefčovič confirmed ongoing work towards additional agreements with other partners. – Bernama
