Malaysia Free Trade Agreement With Eu

Present the BCC with import documents from the importing party`s customs authority The ASEAN region is a dynamic market of about 640 million consumers and is considered the eighth largest economy in the world. After the United States and China, countries as a group are the EU`s third largest trading partner outside Europe. A free trade agreement (FTA) is an international agreement between two or more countries aimed at reducing or reducing barriers to trade and bringing economic integration closer together. Fernandez said it would be shameful if the palm oil issue jeopardized Malaysia`s trade relationship with the EU, especially since it accounted for only 4.4% of total Malaysia-EU trade, which amounted to RM180 billion in 2018. Malaysia`s exports to the EU rose 1.2% to .RM 79.8 billion. At 12.1% in 2016, the EU accounted for a larger share of Malaysia`s total exports than in 2015 (10.1%). Germany, the Netherlands, the United Kingdom, France and Italy remained Malaysia`s top 5 export targets in the region. To learn more about merchandise trade between Efta and Malaysia, click here. 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 .RM 149.1 billion.

She said that 1.4% of the 4.4% share of total trade in palm oil products between the EU and Malaysia was destined for biodiesel, with EU palm oil imports stable in recent years. Malaysia has already signed and implemented 7 bilateral free trade agreements with Japan, Pakistan, India, New Zealand, Chile, Australia and Turkey. At the ASEAN level, Malaysia has concluded 6 regional free trade agreements with the ASEAN Free Trade Agreements (AFTA), China, Korea, Japan, Australia, New Zealand and India. Merchandise trade between the EFTA states and Malaysia amounted to $1.64 billion in 2019. Exports from EFTA countries, totaling $814 million, consisted mainly of pharmaceuticals and machinery. She stressed that the EU was cooperating with non-governmental organisations in reforestation work, in particular in Sabah. It had also funded the Malaysian Biomass Industries Confederation, which set itself the goal of developing the local and regional biomass industry. These bilateral trade and investment agreements were conceived as building blocks for a future agreement between the regions. It is concerned that Malaysia could be a “missing link” in the region if this prudent trade policy is maintained, as the bloc will soon be or in the FTA talks with Indonesia, Thailand and the Philippines. . . .

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