Malaysia Eu Free Trade Agreement

makarand
Wordpre developer 12th December, 2020

In 2011, Malaysia was the European Union`s second largest trading partner in Southeast Asia, after Singapore, and the 23rd largest trading partner of the European Union in the world,[3] while the European Union was Malaysia`s fourth largest trading partner. [1] Major exports from Malaysia, including electrical and electronic products, palm oil, chemicals and chemicals, rubber products, including optical and scientific equipment, while the European Union`s main exports to Malaysia are also electrical and electronic products containing other machinery, appliances and parts, chemicals and chemicals. , transport equipment and steel products. [1] Overall trade increased from MYR 63.66 billion in 2011 to MYR 135 billion in 2013, with the European Union becoming Malaysia`s third largest trading partner. [1] [6] The three main European Union investors in Malaysia were the Netherlands with 2.4 billion MYR, Germany with 1.7 billion MYR and the United Kingdom with 500 million MYR. [6] Mr Fernandez said that Malaysia`s commitment to the EU has increased somewhat, but more needs to be done. She added that the EU mission was striving to bring other European diplomatic and trade missions to see the reality of the palm oil industry. Although she did not comment on what would happen to Brexit, Fernandez said the bloc would not have a significant impact on Malaysia`s trade relations with the EU and stressed that trade conditions would be the same whether there were 27 or 28 members in the EU. A free trade agreement is an international agreement between two or more countries to reduce or remove trade barriers and achieve closer economic integration.

The EU was Malaysia`s third largest trading partner in 2016, after China and Singapore. In 2016, trade with the EU increased by 0.4% to reach 149.1 billion .RM. To learn more about the trade in goods between EFTA and Malaysia, click here. Malaysia has an ancient relationship with some European Union countries. [2] During the colonial period, three European colonial powers, the Portuguese, Dutch and British, came to the Malaysian coast to establish colonies and maintain commercial relations with the kingdoms that came there. [2] In modern times, relations began with the 1980 agreement between the European Commission and ASEAN and have developed since the creation of the European Economic Community (EEC) in 1957. [2] [3] The European Commission Delegation Office was established in 2003 in Malaysia and since then political interactions and cooperation between federal and public authorities, including Malaysian and European companies, have gradually intensified. [3] [4] Fernandez said it would be shameful if the palm oil issue jeopardized Malaysia`s trade relations with the EU, especially since it accounted for only 4.4% of malaysia`s total trade with the EU, or .RM 180 billion in 2018. Relations between Malaysia and the European Union focus on multilateral relations between Malaysia and the European Union. Malaysia has concluded a free trade agreement with the European Union (EU) since 2010 and both sides benefit from its relations. [1] In March 2019, tensions erupted between the European Union and Malaysia after the European Commission concluded that the cultivation of palm oil should lead to excessive deforestation and that its use in transport fuels should cease by 2030.