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. 

The EU-ASEAN Business Council (EU-ABC) successfully wrapped up its first European trade and investment mission since the COVID-19 pandemic to Malaysia from 7 to 9 June, which culminated in a Joint Gala Dinner with EUROCHAM Malaysia. The Gala Dinner was attended by distinguished government officials and prominent business leaders from across Southeast Asia and Europe. At the centre of this pre-eminent line-up was Malaysia Minister of Finance His Excellency Tengku Datuk Seri Utama Zafrul bin Tengku Abdul Aziz.

Speaking during his keynote speech at the Gala Dinner, Tengku Zafrul reiterated Malaysia’s commitment to ensure the rapid recovery of its economy, while strengthening the country’s resilience to new challenges, through restoring business capabilities, maintaining Malaysia’s competitiveness, and investing in future technologies, to name a few.

His Excellency also highlighted the significance of the relationship between Malaysia and the EU, and on a broader scale between ASEAN and the EU, which continues to be key to improving trade, investments, and business opportunities for all parties.

KUALA LUMPUR, MARCH 31, 2022 – EUROCHAM Malaysia concludes the first quarter of the year on a high note by signing a Memorandum of Understanding (MoU) with UN Global Compact Network Malaysia & Brunei (UNGCMYB) as part of its ongoing effort to advance sustainability efforts and Green Industry Transformation within the EU and Malaysia business communities.

The MoU with UNGCMYB, will see and explore future opportunities to create awareness and training initiatives on the importance of the Sustainable Development Goals (SDGs), ESG, and other sustainability initiatives, and their impact on relevant stakeholders to promote the alignment of organisational strategies. 

EUROCHAM Malaysia continues its motto to bolster alliances for a prosperous EU-Malaysia partnership, despite the current COVID-19 pandemic.