Upcoming Asean-eu Summit To Open Doors For More Indepth Discussion And Trade Cooperation

KUALA LUMPUR, July 20 (Bernama) -- The upcoming ASEAN-EU Commemorative Summit to be held in Brussels, Belgium this December is set to open doors for more in depth discussion between both regions on enhancement of trade and financial activities, and fight against climate change. European Union (EU) Commissioner for Budget and Administration Johannes Hahn, who is currently on a working visit to Malaysia to promote the Next Generation EU (NGEU) Recovery Plan said the summit will be held in conjunction with 45 years of dialogue partnership between ASEAN and EU. Intensive bilateral talks between EU representatives and Malaysia is expected at the margins of the summit. “Foreign Direct Invesments (FDI) from Europe is the second largest FDI in Malaysia and Malaysia already engaged with Europe and thus, this summit provides great opportunities for EU to enhance cooperation with like-minded countries in ASEAN,” he told Bernama here Wednesday in conjunction with his maiden working visit to four ASEAN countries with Malaysia being the second leg of his visit after Singapore. Hahn, an Austrian politician who has been serving as European Commissioner for Budget and Administration since December 2019, said the ties between ASEAN and EU have grown exponentially over the past 45 years especially in trade and political relationship with both regions being united in addressing the issue of climate change. EU’s relationship with ASEAN was elevated to a Strategic Partnership in December 2020 and in 2021, the EU recognised the centrality of ASEAN in the EU Strategy for Cooperation in the Indo-Pacific. Commenting on EU's palm oil import from Malaysia and Indonesia, Hahn said that he was told the Joint Working Group (JWG) Meeting on Palm Oil between the European Union, Malaysia and Indonesia held recently was successful. “Firstly, we did not (impose) a ban against palm oil, we are second biggest importer of palm oil, no changes in this, we are united. What we felt that we need to have a more sustainable use of resources...this is our approach,” he said. Prior to this, Malaysian Minister of Plantation Industries and Commodities (MPIC) Zuraida Kamaruddin was reported as saying the EU Parliament has voted for palm oil-based biofuels to be banned entirely by 2021. Hahn also said he wants to see Malaysia investing in European bonds as an element to further strengthen bilateral ties between Europe and Malaysia, stressing that his visit to Malaysia also provides an opportunity for him to promote the investment opportunities offered by Europe through the Next Generation EU (NGEU) Recovery Plan. The Next Generation EU Recovery Plan is an 806.9 billion euro initiative launched to help EU member countries and Italy overcome the economic difficulties created by the COVID-19 pandemic and transform European economies by creating job opportunities and making Europe and Italy greener, more digital and more resilient. Earlier, Hahn spent nearly an hour with Malaysian Finance Minister Tengku Zafrul Abdul Aziz and Central Bank deputy governor Marzunisham Omar to discuss on bilateral cooperation between the EU and Malaysia. -- BERNAMA