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The MEUFTA will catalyse significant investments from the EU, such as green energy and advanced manufacturing, all of which are said to align with the industrial reform goals of Malaysia's New Industrial Master Plan 2030.
Malaysia and the European Union (EU) have officially announced the resumption in the negotiations for the Malaysia-European Union Free Trade Agreement (MEUFTA). During Prime Minister Dato’ Seri Anwar Ibrahim’s working visit to Brussels between 19 and 20 January, he met up with the President of the European Commission Ursula von der Leyen to renew negotiations for the MEUFTA.
In a joint statement by the Prime Minister's Office and the European Commission, it was noted that the renewal marks as a significant milestone in strengthening its economic ties with one of the world’s largest trading blocs, displaying Malaysia’s commitment to fostering deeper ties the EU. Malaysia acknowledged the EU to be a major trade and investment partner for them and sees this moment as a reflection of their endurance of partnership and that both parties have a shared commitment to achieve economic prosperity.
PM Anwar also took to Facebook to express his joy in the renewal of the MEUFTA negotiations, looking forward to "further solidify the EU’s role as one of Malaysia’s top trade and investment partners."
Various sectors across Malaysia’s economy are expected to enjoy immense benefits while global chain supply in critical sectors will be strengthened through the MEUFTA. Sectors namely electrical and electronic products, palm oil and its derivatives and optical and scientific equipment can experience a boost in exports to the EU market among others. Additionally, the MEUFTA will catalyse significant investments from the EU, such as green energy and advanced manufacturing, all of which are said to align with the industrial reform goals of Malaysia's New Industrial Master Plan 2030.
Last year, trades with the EU grew by 5.2% which amounted to RM200bn from January to November. In the year prior, EU was Malaysia’s fourth largest trading partner of trades reaching RM206.79 bn. As a whole, the year 2023 generated 153,000 jobs through 1,323 projects valued at RM227.9bn.
As such, Malaysia views the resumption of MEUFTA negotiations as a testament to their shared vision of economic collaboration and the mutual aspiration to unlock the potential of trade and investment partnerships. The government is also committed to pursue a balanced and comprehensive agreement that delivers tangible benefits to all stakeholders, ensuring both Malaysia and EU will benefit from this agreement as well.
Additionally, the government will continue engaging with industry leaders and relevant stakeholders to ensure the MEUFTA reflects Malaysia’s economic interests and economic goals.
Lead image / Malaysia Prime Minister Anwar Ibrahim's Facebook
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