Asia becomes the new trade focus of the EU

The EU is accelerating free trade negotiations with Asia. Photo: channelnewsasia

Speaking to reporters in Singapore, after signing a digital trade agreement between the EU and the country, the EU's trade chief said that negotiating with the US is a priority but not "at all costs".

According to Mr. Sefcovic, the EU is accelerating bilateral negotiations with Indonesia, the Philippines, Thailand and Malaysia, and the bloc is also strengthening cooperation with India, having just concluded a new round of negotiations last week.

The EU is Malaysia's fourth largest trading partner, with trade in goods reaching 45 billion euros (about 50 billion USD) in 2023 and trade in services reaching 11 billion euros in 2022. Statistics show that among EU member states, Germany has been Malaysia's largest trading partner since 2000 while Malaysia is Germany's largest trading partner among Asian countries. In 2023, trade between the two countries increased by 5.9% to 13.56 billion USD, higher than 12.79 billion USD in 2022. There are currently more than 700 German companies based in Malaysia, creating about 65,000 jobs.

According to the EU, a deeper trade relationship with Malaysia will boost the EU’s competitiveness and economic security with new business opportunities and stronger supply chains, opening up new export possibilities and improving access to raw materials. The free trade agreement between the two sides will aim to build an EU-Malaysia partnership based on a strong commitment to labour rights, climate and environmental protection, and boost the EU’s strategic engagement in the fast-growing Indo- Pacific region.

Mr. Sefcovic added that the EU is also looking at “possibility of enhanced cooperation” with members of the Comprehensive and Progressive Agreement for Trans- Pacific Partnership (CPTPP). According to the official, the EU’s goal is very clear: to continue signing agreements and maintain its role as a reliable partner in a constantly changing global context.

NBO

Source: https://baoninhbinh.org.vn/chau-a-tro-thanh-trong-tam-thuong-mai-moi-cua-eu-310375.htm