KUALA LUMPUR: Malaysia and ASEAN have reaffirmed their commitment to multilateralism and rule-based trade while seeking stronger cooperation with the European Union.
Finance Minister II Datuk Seri Amir Hamzah Azizan stated that ASEAN, including Malaysia, looks forward to partnering with the EU to strengthen and reconfigure 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.
Amir Hamzah highlighted that significant trade efforts have been facilitated, with inter-ASEAN trade now a key priority for the grouping.
Key innovations include facilitating easier cash and payment systems across ASEAN member states.
Efforts are also underway to harmonise and coordinate regulations for a more interconnected and integrated ASEAN.
He added that ASEAN’s current success stems from policies and investments made over past decades.
To sustain growth, the bloc must anticipate the future and take bold steps forward.
ASEAN is on track to become the world’s fourth-largest economic bloc by 2030.
As ASEAN Chair this year, Malaysia is committed to driving transformative priority economic deliverables in the region.
These include securing innovative funding for infrastructure initiatives like the ASEAN Power Grid.
Malaysia also aims to support carbon capture and storage projects through new funding mechanisms.
Amir Hamzah noted that Malaysia’s economy has shown resilience through ongoing transformation.
This strength is mirrored across the ASEAN region as a whole.
The EU remains a key economic partner for both Malaysia and the wider ASEAN bloc.
The EU was Malaysia’s fourth-largest trading partner, with total bilateral trade reaching US$45.33 billion.
Furthermore, the EU is Malaysia’s fourth-largest export destination and third-largest source of imports.
Malaysia continues to attract EU foreign direct investment in manufacturing, green technology and the digital economy.
Negotiations for the Malaysia-EU Free Trade Agreement will resume this November.
The government anticipates fresh opportunities in digital trade and green technology transfer.
Sustainable value chains are also expected to benefit from the renewed trade talks. – Bernama