KUALA LUMPUR - Malaysia is ready to resume negotiations on a free trade agreement (FTA) with the European Union (EU) following the withdrawal of the United States from the Trans-Pacific Partnership (TPP) trade pact, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed.
He said the Government was aiming for a high quality FTA with Europe and hoped to conclude the negotiations in the near future.
“Malaysia has received investments from almost every EU economy and European countries continue to have a strong interest in Malaysia.
“We want to continue promoting Malaysia as a destination for investors,” he said in his speech at a public forum to celebrate the 60th anniversary of the EU here yesterday.
Mustapa said Malaysia enjoyed close ties with the EU and shared a relationship of equal respect for one another.
Last year, the EU was Malaysia’s third largest trading partner behind China and Singapore with total trade worth over €$34bil (RM163.1bil).
The EU mainly imported machinery and appliances from Malaysia and exported mostly electrical equipment and machinery.
The EU, a political and economic union of 28 member states, marked the 60th anniversary of the