- Malaysia, ASEAN strengthen EU trade ties, reaffirm commitment to multilateralism.
- Malaysia-EU trade talks resume in November, focusing on digital and green growth.
- Initiatives include payment integration, regulatory harmonisation, and regional infrastructure projects.
Malaysia and ASEAN reaffirm their dedication to multilateral trade based on rules, emphasizing enhanced collaboration with the European Union (EU) to promote global prosperity. Finance Minister II Datuk Seri Amir Hamzah Azizan stated that ASEAN, along with Malaysia, anticipates collaborating with the EU to further enhance and reshape trade.
“Together, in rebuilding a much better world ahead, we can share prosperity across the globe,” he mentioned during his introductory address at the 11th ASEAN-EU Business Summit, which is a side event of the 57th ASEAN Economic Ministers’ Meeting (AEM) and Related Events.
Amir Hamzah highlighted that vital trade initiatives have been advanced, with inter-ASEAN trade becoming a key priority that the bloc seeks to improve. A significant development is facilitating easier cash and payment systems across ASEAN.
“Efforts are also underway to harmonise and coordinate regulations, aimed at creating a more interconnected and integrated ASEAN, which could provide stability in the region,” he said.
He noted that ASEAN's current success relies on policies and investments made in previous decades, but to maintain growth, the bloc must look ahead and take decisive actions.
Amir Hamzah stated that ASEAN is set to become the fourth-largest economic bloc globally by 2030. In his role as Chair of ASEAN this year, Amir Hamzah stated that Malaysia is dedicated to advancing essential economic priorities in the region, such as obtaining innovative funding methods and solutions to back infrastructure projects like the ASEAN Power Grid and carbon capture and storage initiatives.
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The EU continues to be an important economic partner for Malaysia and ASEAN, as it was Malaysia’s fourth-largest trading partner, with total bilateral trade totaling US$45.33 billion. Additionally, the EU ranks as Malaysia's fourth-largest export market and third-largest import supplier.
“Malaysia continues to attract EU foreign direct investment, particularly in manufacturing, green technology and the digital economy.
“As negotiations for the Malaysia-EU Free Trade Agreement resume this November, we anticipate fresh opportunities in digital trade, green technology transfer and sustainable value chains. I am optimistic that we will come to a conclusion on the EU-Malaysia trade agreement soon,” he added.