(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, Jan 20 (KUNA) -- The European Union and Malaysia announced on Monday that they will resume negotiations to reach a Free Trade Agreement.
EU Commission President Ursula von der Leyen said in a press release that the Free Trade Agreement between Europe and Malaysia will take trade relations between the two parties to a "new level," noting that the trade volume between the two sides is currently estimated at 45 billion euros annually.
She emphasized that Europe and Malaysia share "a commitment to a rules-based international order, economic openness, sustainable development, and regional stability," adding that this announcement with Malaysia, which represents Europe's third-largest trading partner in the Association of Southeast Asian Nations (ASEAN), reaffirms Europe's commitment to strengthening ties with Malaysia and ASEAN in general.
She stressed that "this excellent news comes at a critical time. Geopolitical tensions are escalating, and the risk of instability is growing," adding that "while others turn inward toward isolation, Europe and Malaysia are choosing a different path to build partnerships."
Brussels and Kuala Lumpur had started negotiations in 2010, but they were paused after two years.
For his part, Malaysian Prime Minister Anwar Ibrahim, who concluded a two-day working visit to Brussels on Monday, described the resumption of negotiations as "an important milestone."
He confirmed that the agreement would boost Malaysian exports, particularly electrical and electronic products, scientific equipment, and palm oil, while also strengthening European investments in green energy and advanced manufacturing industries.
The EU is deeply concerned about the significant increase in tariffs on European products under the administration of U.S. President-elect Donald Trump. In this context, the EU seeks to strengthen its economic partnerships by signing new trade agreements. (end)
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