MITI WORKING ON FREE TRADE PACT WITH EU

KUALA LUMPUR, July 8 (Bernama) -- Deputy International Trade and Industry
Minister Mukhriz Mahathir said the ministry was working on the Free Trade
Agreement (FTA) between Malaysia and the European Union (EU).

"It is an on-going work that we have to do towards signing and ratifying the
agreement," he said during a talk on "Business for The New Century" at the
Institute of Diplomacy and Foreign Relations, here Thursday.

Replying to a question on Malaysia's initiative to contribute in
strengthening Malaysia-EU economic cooperation, he said any strategic
cooperation would have to come through such FTA agreement.

Malaysia started discussions with EU on the FTA recently, following
Singapore and Thailand.

Mukhriz said Malaysia regarded EU as an important trading partner, as trade
with the EU accounted for over 11 per cent of total trade.

Investments from the EU are very large, coming mainly from Germany and the
United Kingdom, he added.

Those who participated at the talk were 30 senior students and recent
graduates from the University of Applied Sciences Krems, Austria under their
Business Focus Asean programme.

The talk was aimed at exposing the students to the ways of the Asean
societies and business.

On another development, Mukhriz said Malaysia would continue its "prosper
thy neighbour" policies, and look into ways of helping each other and avoid
conflict in the region towards Asean integration.

"In managing the country's wealth, no one will be 100 per cent satisfied but
everyone has to accept some level of compromise and as long as we are able to do
that, then we can achieve equilibrium.

"We don't want conflict, because everyone knows that there is always peace
to be enjoyed by everyone. So far, Malaysia, a multi-religious and a
multi-racial country, has been successful in showcasing this to the world," he
said.
-- BERNAMA


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