Relaunch of EU-Malaysia FTA Will Further Boost Ties - Envoy

By Nabilah Saleh KUALA LUMPUR, June 16 (Bernama) -- The re-launch of Malaysia-European Union (EU) free trade agreement (FTA) is poised to intensify greater partnerships in more broad potential areas between the two nations, Ambassador and Head of EU Delegation to Malaysia, Maria Castillo Fernandez, said. She said that through greater economic and business cooperation, the existing ties would be further strengthened and boost both diplomatic and bilateral relations. "We've a very strong trade and economic coalition. We (the EU, Germany, Poland and other states) are also the largest investors in Malaysia. "This potential could be increased and that's why we hope that with re-launch of the FTA, we would be able to have a win-win situation for both parties as we favour an open, free and sustainable trade," she said in a panel discussion titled 'Political Developments in the German Election Year: What Impact on the European Union?', held here recently. Bernama reported the envoy as saying in March that the proposed Malaysia-EU FTA was expected to boost total trade by 20 per cent to 30 per cent from the current 10 per cent. Castillo had also said at that time the FTA could be concluded before year-end based on a constructive meeting between European Trade Commissioner Cecilia Malmstrm and Malaysia’s International Trade and Industry Minister Mustapa Mohamed in Manila on March 10. The EU is Malaysia’s third largest trading partner with total trade in January this year increased 9.7 per cent to US$3.01 billion (RM12.9 billion, US$1 = RM4.27) from the corresponding month a year ago. In 2016, trade with the EU rose 0.4 per cent to RM149.1billion. Over the past three years since 2014, trade performance recorded a positive trade balance of RM1.7 billion, RM9.3 billion and RM10.6 billion, respectively. On the same note, Castillo added that the long-term engagement on global and regional challenges, security-terrorism and renewable energy could also be expanded in fulfilling the needs of the countries. "I think that the EU-Malaysia people-to-people contact is one of the issues we have to offer to each other as well. Thus I believe in order to reach out to the society of both nations, you all (referring to the professors, students and academicians who attended the discussion) are really one possible ambassador for the EU from Malaysia and vice versa,” she said. She also noted that as a dialogue partner of the ASEAN regional bloc, it was indeed essential for Malaysia and the EU to be ‘very much together’ in every aspect, upon established partnership and cooperation agreement. The discussions, moderated by Human Rights Commission (SUHAKAM) Chairman, Razali Ismail, was jointly organised by University Malaya Asia-Europe Institute (AEI) and the German embassy. Among the panellists were German Ambassador to Malaysia Holger Michael, AEI Senior Advisor M. Redzuan Kushairi and Visiting Professor of AEI Dr Patrick Ziegenhain. -- BERNAMA