Malaysia is headed in the right direction by signing several Free Trade Agreements (FTAs) with recognised ASEAN member countries as well as bilateral countries. FTAs have proven to be one of the best ways to open up foreign markets for Malaysian exporters.
After a series of negotiations from October 2010 and an initial agreement in April 2016, the European Union (EU) and Malaysia signed the EU-Malaysia Partnership and Cooperation Agreement (EU-MY PCA) during the inaugural ASEAN-EU Commemorative Summit in Brussels on 14 December 2022, a significant milestone in the history of the EU-Malaysia bilateral relationship. Besides serving to enhance the political dialogue on global issues, the agreement lays the ground for mutually beneficial cooperation in multiple policy areas: environment, transport, trade and employment to name a few.
Significance of the EU-MY PCA for the Malaysia Economy
Valid for five years, this agreement is in recognition of the importance of the cooperation between the European Union and ASEAN member countries. An effort to strengthen the existing relationship between the EU and Malaysia, the agreement serves to enhance cooperation and diversify relations in areas of mutual interest.