Malaysia, ASEAN Reaffirm Multilateral Trade Commitment, Seek Stronger EU Ties
By Karina Imran
KUALA LUMPUR, Sept 25 (Bernama) -- Malaysia and ASEAN reaffirm their commitment to multilateralism and rule-based trade, highlighting stronger European Union (EU) cooperation to foster global prosperity.
Finance Minister II Datuk Seri Amir Hamzah Azizan said ASEAN, including Malaysia, looks forward to partnering with the EU to continue strengthening and reconfiguring trade.
“Together, in rebuilding a much better world ahead, we can share prosperity across the globe,” he said in his opening speech at the 11th ASEAN-EU Business Summit, a side event of the 57th ASEAN Economic Ministers’ Meeting (AEM) and Related Meetings.
Amir Hamzah highlighted that significant trade efforts have been facilitated, with inter-ASEAN trade now becoming a key priority that the grouping wants to strengthen.
Among the key innovations is facilitating easier cash and payment systems across ASEAN.
“Efforts are also underway to harmonise and coordinate regulations, aimed at creating a more interconnected and integrated ASEAN, which could provide stability in the region,” he said.
He added that ASEAN’s success today is built on policies and investments made over past decades, but to sustain growth, the bloc needs to anticipate the future and take bold steps forward.
Amir Hamzah said ASEAN is on track to become the world’s fourth-largest economic bloc by 2030.
As Chair of ASEAN this year, Amir Hamzah said Malaysia is committed to driving transformative priority economic deliverables in the region, including securing innovative funding mechanisms and solutions to support infrastructure initiatives like the ASEAN Power Grid and carbon capture and storage projects.
He also noted that Malaysia’s economy has shown resilience through ongoing transformation, a strength mirrored across ASEAN.
The EU remains a key economic partner for both Malaysia and ASEAN, while the bloc was Malaysia’s fourth-largest trading partner, with total bilateral trade reaching US$45.33 billion.
Moreover, the EU is also Malaysia’s fourth-largest export destination and third-largest source of imports.
“Malaysia continues to attract EU foreign direct investment, particularly in manufacturing, green technology and the digital economy.
“As negotiations for the Malaysia-EU Free Trade Agreement resume this November, we anticipate fresh opportunities in digital trade, green technology transfer and sustainable value chains. I am optimistic that we will come to a conclusion on the EU-Malaysia trade agreement soon,” he added.
-- BERNAMA