Miti Blog

Ministry of International Trade and Industry Malaysia Official Blog

Next Round Of EU-Malaysia FTA Talks To Resume In Q4, Says Envoy

Posted by admin2 on June 19, 2015 at 11:03 am
SINGAPORE, June 3 (Bernama) — The next round of negotiations on the EU-Malaysia Free Trade Agreement (FTA) is expected to resume in the fourth quarter, says Ambassador & Head of Delegation of the European Union to Malaysia, Luc Vandebon.

He said both sides are working to resume the process as soon as possible.

“Recently an informal video conference was held between my colleagues in Brussels and the Ministry of International Trade & Industry where both sides reaffirmed their interest to further discuss and negotiate on the proposed FTA.

“After such a long break, the EU and Malaysia need to compare notes and take stock on the various issues, to verify if we are in sight of each other. If this “stock taking” process goes well, as I think and hope, then we will be in a position to resume the negotiations, maybe in autumn,” he said in response to Bernama in an email interview.

The Technical Working Groups of the negotiating teams met in Kuala Lumpur last September.

“We are currently looking at all issues, to see where we left them off before we paused the process,” Vandebon said, adding so much has happened in the meantime (the elections, new Cabinet, the TPP process, new legislative developments) that “we need to take a fresh look at where we are and what can be done.”

Asked when the negotiations could be concluded, the envoy said: “In the event of a round in Q4 2013, it should be possible to conclude negotiations in late 2014/early 2015.

“But remember, substance primes over timing,” he said.

Touching on the impact for both the EU and Malaysia upon successful conclusion of the FTA negotiations, Vandebon said: “Firstly, a long-term, stable “contractual” trade relation with the EU would signal to European investors that Malaysia really means business.”

He said both the EU and Malaysia will have duty-free access to each other’s markets, which is a huge benefit for exporting companies.

“This is especially true considering that, as from January next year, Malaysia will no longer enjoy preferential access to the EU market under the General Scheme of Preferences (GSP). “Secondly, the gains of an ambitious arrangement liberalising our bilateral trade can be huge,” he said.

Vandebon noted a study conducted in 2006 indicated that Malaysia would be a clear “winner”: Malaysia’s GDP would be boosted by eight per cent by 2020 if a deep and comprehensive FTA was to be concluded.

He said the wider the scope of the FTA and the deeper the liberalisation, the more gains there would be, especially in services.

“This means that there must be trade creating, not trade diverting. To make sure that this is the case, FTAs must cover “substantially all trade” and bring about a real integration of the economies of the negotiating parties.

“Which means that they must cover also sensitive areas where liberalisation and opening to competition are more difficult, for political and economic reasons,” he said.

On the current economic ties between the EU and Malaysia, Vandebon said: “In 2012, with a share of about 10 per cent, the EU was Malaysia’s fourth largest trading partner.”

With total trade of 35 billion Euro, EU exports to Malaysia in 2012 amounted to about 15 billion Euro while Malaysian exports to the EU reached about 20 billion Euro.

In 2012, Malaysia recorded a trade surplus of nearly 6 billion Euro with the EU.

Vandebon said Malaysia is the EU’s second largest trading partner in Asea after Singapore, largely by virtue of its gateway position to the Southeast Asian region and due to the growing domestic demand, spurred by Malaysia’s significant economic development and growth.

Globally, Malaysia is the EU’s 23rd largest trading partner.

In 2012 the EU was the largest source of Foreign Direct Investment (FDI) into Malaysia, as it invested about 953 million Euro in approved manufacturing projects, topping the list and way ahead of Japan (702 million Euro) and Saudi Arabia (652 million Euro).

Vandebon said trade ties will be further enhanced and strengthened with the signing of an FTA between the EU and Malaysia
.
He said trade volume, which is already constantly increasing over the years, would be boosted upon the signing of a bilateral FTA.
“Similar results have been observed with Australia, India, China and other FTA partners,” he added.
 
Tags: Add new tag, Exports, foreign direct investments, FTA, MITI, MITI Report, MITI Weekly Bulletin, TPP, trade

1 comments for this post

Posted on August 11, 2016 at 11:30 pm
 
LWA7Qf http://www.FyLitCl7Pf7kjQdDUOLQOuaxTXbj5iNG.com

Type Your Search Here

Tags

4PU ACEAN AEC AFAS AFTA AKI APEC ARBC ASEAN ASEAN Business Advisory Council (ABAC) ASEAN Regional Business Council ASEAN- India FTA ASEAN-India FTA AirAsia Alternative medicine Andrew Robb Anti- Dumping Anugerah Kecemerlangan Industri Apollo Hospitals Apparels Apps Store Asean Economic Community Asean Framework Agreement on Services Asian Development Bank Australian Minister for Trade and Investment Automotive Industry Axiata BDO BNM Babar Ali Khan Bangladesh Bank of China Bogor Goal Brazil Budgets Bumiputera CEO CEPT CHINA CIDB CIMB COO Caexpo Cement and Concrete Association (C&CA) Channel News Asia Chemical Company of Malaysian Berhad (CCM) Chile China China-ASEAN China-ASEAN FTA Confederation of Indian Industry Conference Construction Industry Development Board Consumers DIGI DOHA Dato' Seri Mustapha Mohamed Datuk Dr Rebecca Sta Maria Datuk Hamim Samuri Datuk Ir Hamim Samuri Datuk Jacob Datuk Mustapa Mohamed Datuk Naimun Ashakali Mohammad Datuk Seri Mustapa Mohamed Datuk Seri Mustapha Mohamed Datuk Seri Najib tun Razak Doha Development Agenda ELV Policy EPU ETP Economic Planning Unit Economic Policy Leaders programme Economic Transformation Program Economic Transformation Programme Economy Eelco Eksport Eksports Eports European Commission (EC) Events Export Exports FDI FOKEM FTA Federal Governmen Federation of Malaya Fiscal policy Committee (FPC) Food Forbes Foreign direct investments Foreign investments Forum Ekonomi Dunia GDP GE GST GTP Global Market Globecycle Goods and Services Tax Government Transformation Programme Groom Big HACCP-certified HDC HP Halal Halal Development Industry Halal Development Industry Corporation Halal Industry Development Corp Halal Ingredients Asia 2015 Hoekstra ICT IJM Corp Berhad IMD INSKEN INVESTMENT MISSION IPI IT Import Imports India Indian Commerce and Industry minister Nirmala Sitharaman Industries Industry Information and Communication Technology (ICT) Infrastructure Development Finance Company Institute for Management Development International Trade and Industry InvestKL Investents Investment Investments Jabatan Kemajuan Islam Malaysia Jakim Jeli Jepun Jom Masuk IPT (KPTN 2015) KELANTAN KSU Karnival Karnival Pendidikan Tinggi Negara Khazanah Nasional Khazanah Nasional Bhd Kulim Hi-Tech Park LIMA LIMA'15 LNG Laporan World Competitiveness Yearbook (WYC) Lawatan Lembaga Pembangunan Industri Malaysia Lexus MAI MATRADE MAlaysian Economy MGCC MIDA MITC MITI MITI Deputy Secretary-General MITI Report MITI Weekly Bulletin MITI Weekly Bulletin trade MITI report MITI weekly Bulletin MITI] MNC MOF MPC MTFTA Malaysia Malaysia Airports Holdings Berhad Malaysia Automotive Institute Malaysia Economy Malaysia Entrepreneurship Forum 2015 (MEF) Malaysia External Trade Development Corp Malaysia External Trade Development Corporation Malaysia International Halal Showcase Malaysia-China Trade Malaysia-India Comprehensive Economic Cooperation Agreement Malaysian Airlines Bhd Malaysian Economy Malaysian Industrial Development Finance Bhd Malaysian Palm Oil Board Malaysian Report Malaysian Standards Malaysian economy Malaysian pavilion Manufacturing Manufacturing Industry Maybank Media Release Menteri Perdagangan Antarabangsa dan Industri Microsoft Mid Tier Companies Development Programme Minister of Commerce of China Gao yan Minister of International Trade and Industry Ministry of Finance Ministry of International Trade and Industry Miti Miti Report Miti Weekly Bulletin MyASEAN Internship Programme NAP NAP review National Automotive Policy Nestle Networking OIC OIC-Asia Trade and Economic Forum 2015 Organisation of Islamic Cooperation P Ravindran PEMANDU PEMUDAH PKS PLKN PPD Pameran Maritime dan Aeroangkasa Antarabangsa Langkawi 2015 Parts and Components Pembangunan Industri Halal Sdn Bhd Pengurusan Prestasi dan Pelaksanaan (PEMANDU) Perbadanan Perbadanan Pembangunan Industri Halal Sdn Bhd Perbadanan Pembangunan Perdagangan Luar Malaysia Performance Management and Delivery Unit Perjanjian Perdagangan Bebas Perusahaan Kecil dan Sederhana Petronas Play Store Policy Perspective Preferential Tariff Rate Program Pembiayaan Usahawan Wanita Program Transformasi Ekonomi Pusat Dagangan Antarabangsa Melaka Pusat Transformaasi Luar Bandar (RTC) Quality R&D RCEP ROO Ranhill Regional Comprehensive Economic Partnership Road Sectors Royal Vopak Russia SCE SDSI SIRIM SIRIM QAS International Sdn Bhd SME Bank SME CORP SME Corp SME corp Malaysia SMECorp SMEs SPS STA Sadguru Polymers Pvt Ltd & Triace Solution SapuraCreest Satu Daerah Satu Industri Securities Commision Service Industry Service Sector Service Sectors Service sector Service sectors Services Sector Services sector Shell Shell Malaysia Shell Malaysia Ltd(SML) Shell Refining Company Showcase Groom Big Sime Darby Singapore Corp Enterprise Small and Medium Scale Industries Sri Mustapa Mohamed Strategic Trade Bill Success Story Sunway Sunway Group THE 12th China-Asean Expo TM TOK BALI TPP TPP trade TPPA TTPA TV Show Tariff Elimination Temasek Foundation Tenaga Nasional Bhd's The 21th ASEAN Economic Ministers (AEM) The Economic Planning Unit (EPU) The Malaysian Investment Development Authority The New Global Context The World Trade Organisation (WTO Toyota Camry Trade Trade Figure Trade Performance Trade Review Trans Pacific Partnership Trans Pacific Partnerships Trans-Pacific Partnership Agreement UMW Corporation UMW Holdings Berhad UMW Toyota UNCTAD US Universiti Malaysia Kelantan (UMK) Untag Usahawan Bumiputera Vehicle End-of-Life Policy Voluntary Partnership Agreement (VPA) WCC WCY WEF WEP WHS WORLD ECONOMIC FORUM(WEF) EAST ASIA 2014 AND TRADE & INVEST WTO World Competitive Centre World Competitiveness Center (WCC) World Competitiveness Yearbook (WCY) World Economic Forum World Halal Conference 2015 World Halal Summit YB Dato' Sri Mustapa Mohamed ZICOlaw application auto automotive bangladesh bank negara malaysia bilateral relation biojisim biomass business business facilitataion business facilitation cars 15 years cement industry competitiiveness competitive competitiveness competitveness currency e&e economy education electrical electronics emerging market environment eport World Competitiveness Yearbook 2014 export exports felda food manufacturing fore foreign direct investments foreign trade forex free trade agreement green technology gross domestic product healthcare highway hong kong import imports india industries industry interest rates international standards investmen investment investments irAsia iron and steel japan jepun kdnk kelantan liberalisation logistic low carbon malaysia malaysian business manila manufacturing mecc metal sub-sector middle east mihas miti motor vehicles national green technology national timber policy non-Islamic nations non-tariff north africa packaging policy review portland cement proton public service delivery renminbi research and development retails road transport sales showcase small and medium enterprises small and medium enterprises (SMEs) sme sme corp sme corp malaysia sme master plan smi smidec syarikat berstatus multinasional tariff tax incentive textiles the Asociation of Southeast Asian Nations the electrical and electronics the government's 11th Malaysian Plan tnb tourism trade tradisional medicine tube programme usahaw value added visit wood wood-based products world economic forums