logo
Malaysia To Host Second Round Of EU Free Trade Talks In November

Malaysia To Host Second Round Of EU Free Trade Talks In November

Barnamaa day ago
BUSINESS
KUALA LUMPUR, July 22 (Bernama) -- Malaysia is expected to host the second round of negotiations for the Malaysia-European Union Free Trade Agreement (MEUFTA) in November 2025, according to the Ministry of Investment, Trade and Industry (MITI).
The ministry said the first round of MEUFTA talks took place in Brussels, Belgium, from June 30 to July 4, 2025, with 21 chapters currently under negotiation with the European Union (EU).
'In addition to traditional chapters such as trade in goods, rules of origin, customs and trade facilitation, services, and investment, the FTA with the EU also includes new chapters such as sustainable food systems and trade and sustainable development -- topics which were not included when talks first began in 2010,' MITI said in a written reply published on the Parliament website today.
The response was to a question by Datuk Seri Hasni Mohammad (BN–Simpang Renggam) on whether MITI plans to resume FTA talks with the EU and the Gulf Cooperation Council (GCC), and the areas of focus.
MITI added that in 2024, bilateral trade between Malaysia and the EU reached RM218.9 billion (US$1=RM4.23), with exports totalling RM115.8 billion and imports RM103.1 billion.
Malaysia's main exports to the EU included electrical and electronic products, manufactured goods, palm oil and related products, processed foods, and optical and scientific equipment.
From 2021 to 2024, the total approved investments from EU countries in Malaysia's manufacturing and services sectors, overseen by the Malaysian Investment Development Authority (MIDA), amounted to RM198.2 billion.
Meanwhile, on the Malaysia-GCC FTA, Malaysia signed a joint statement with the GCC on May 26, 2025, to launch negotiations on an FTA between the two parties.
The first round of negotiations is scheduled to take place in September 2025.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Oil prices steady with trade talks in focus
Oil prices steady with trade talks in focus

The Star

time2 minutes ago

  • The Star

Oil prices steady with trade talks in focus

Brent crude futures settled 8 cents, or 0.12%, lower at US$68.51 a barrel, while US West Texas Intermediate crude futures were down 6 cents, or 0.09%, at US$65.25 per barrel. NEW YORK: Oil prices were little changed on Wednesday as investors assessed trade developments between the European Union and the US after President Donald Trump reached a tariff deal with Japan. Brent crude futures settled 8 cents, or 0.12%, lower at US$68.51 a barrel, while US West Texas Intermediate crude futures were down 6 cents, or 0.09%, at US$65.25 per barrel. On Wednesday, EU officials said they were heading towards a trade deal with Washington that would result in a broad 15% tariff on EU goods imported into the US, avoiding a harsher 30% levy slated to be implemented from August 1. Just hours earlier, Trump said the US and Japan had struck a trade deal that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a US$550 billion package of US-bound investment and loans. "The trade deal with Japan might be a template for trade deals with other countries," said Andrew Lipow, president of Lipow Oil Associates. "On the other hand, the market is still concerned about the US coming to an agreement with the European Union and China." The European Commission planned to submit counter-tariffs on 93 billion euros (US$109 billion) of US goods for approval to EU members. A vote is expected on Thursday, though no measures would be imposed until August 7. Both benchmarks lost about 1% on Tuesday after the EU said it was considering countermeasures against US tariffs. "The slide (in prices) of the past three sessions appears to have abated, but I don't expect much of an upward impetus from news of the US-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment," said Vandana Hari, founder of oil market analysis provider Vanda Insights. On the supply side, US Energy Information Administration data showed US crude inventories fell last week by 3.2 million barrels to 419 million barrels, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. "That's a bullish swing," said Bob Yawger, director of energy futures at Mizuho. "It was largely a function of import-export dynamics." US crude exports were up by 337,000 barrels per day (bpd) to 3.86 million bpd, while net US crude imports fell last week by 740,000 barrels per day, the EIA said. In another bullish sign for the crude market, the US energy secretary said on Tuesday that the US would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. — Reuters

Luxury slump deepens: LVMH and Kering hit by price fatigue and tariff fears
Luxury slump deepens: LVMH and Kering hit by price fatigue and tariff fears

Malay Mail

time2 minutes ago

  • Malay Mail

Luxury slump deepens: LVMH and Kering hit by price fatigue and tariff fears

PARIS, July 24 — LVMH and Kering are expected to report another drop in quarterly sales, deepening investor worries about a prolonged downturn in the US$400 billion (RM1.7 trillion) luxury market as brands face the threat of hefty US import tariffs. The results, kicking off with LVMH today, will likely show that any revival in demand for pricey fashion in the key US and Chinese markets remains elusive. Uncertainty unleashed by US President Donald Trump's trade war has caused volatility in stock markets, weighing on consumer confidence. Trump's threat of 30 per cent tariffs on imported EU goods risks hurting luxury houses that make products in France and Italy. They will be wary of lifting prices for US consumers after signs that previous rounds of price hikes slowed demand. 'The level of price increases has been too much' at a number of brands, alienating the 'aspirational' middle-income shoppers, said Caroline Reyl, head of premium brands at Pictet Asset Management. LVMH's fashion and leather goods division, home to Louis Vuitton and Dior, is expected to show sales down 6 per cent year-on-year, its fourth consecutive quarterly decline, according to a Visible Alpha consensus forecast. Gucci, Kering's main earner which is undergoing an overhaul, has struggled for twice as long and is seen reporting sales down nearly a quarter from a year earlier. After two years of slowing sales, unease about the health of the industry is growing, with customers balking at higher price tags. Shares of LVMH are down nearly 27 per cent since the start of this year, while shares of Kering are down 15 per cent. Shares of Hermes and Richemont, which cater to mostly wealthy clients, were little changed, with the former down 0.9 per cent and the latter up 1.6 per cent over the same period. LVMH, Europe's most valuable listed company as recently as January, has slipped to fifth place. 'It seems that investors are starting to worry about the long-term structural attractiveness of the industry,' UBS analysts said last week. Sales of handbags — previously a growth engine — have been weak as shoppers opt for timeless, investment-grade jewellery. Brands including Dior, Gucci and Chanel have recruited new designers, but it takes time for fresh styles to enter stores. Lower-priced products Brands like Louis Vuitton and Prada 1913.F are offering more products below US$1,000, like a new hybrid ballerina-sneaker shoe, for example, and emphasising beauty products, said Bain consultants. But that carries risks. 'The aspirational skew of the brand is unhelpful currently,' said HSBC analysts, highlighting problems at Louis Vuitton. 'Some inconsistencies, we feel, are likely starting to have consumers wonder.' Consensus forecasts peg organic sales of LVMH down 3 per cent, while Kering is seen down 13 per cent; Hermes and Prada are expected to show a 10 per cent rise, as Prada's Miu Miu label takes market share from rivals. Kering will report its results on July 29, while Hermes and Prada are due to report on July 30. — Reuters

Furniture's tough outlook
Furniture's tough outlook

The Star

time12 minutes ago

  • The Star

Furniture's tough outlook

Industry in crisis: Workers assembling furniture at a furniture manufacturing plant. Industry players say sector faces domestic, global pressures JOHOR BARU: The furniture sector is struggling under mounting global and domestic pressures, leading to some long-standing manufacturers shutting down after decades of operations, say industry players. Muar Furniture Association (MFA) president Steve Ong said some businesses had ceased operations over the past two years, including several original equipment manufacturers, as they felt the future of the industry was not promising. 'The situation has become increasingly tough for local furniture makers who are already grappling with policies that burden businesses. 'Aside from having to deal with the expanded sales and service tax (SST), the US-imposed tariffs on Malaysian exports are also an added burden for those focused on the American market,' he said in an interview. Ong, whose association represents more than 800 members, pointed out that the higher electricity tariffs and mandatory Employees Provident Fund (EPF) contributions for foreign workers are also adding to the pressure. He said MFA has continued to call for a temporary suspension of the SST, electricity tariff hike and EPF contribution for foreigners. Ong also urged the government to provide financial incentives or assistance to help companies transition better. He said that while the government is encouraging automation, many industry players are hesitant to make the change. 'If local furniture makers are forced to shut down or relocate overseas, it will not only affect jobs but the entire supply chain will suffer,' he said, adding that the MFA held a dialogue session with industry players last week to listen to their concerns. Many participants, including a furniture maker who has been in the business for over four decades, lamented about the 'policies that are not business-friendly' which are hurting the economy. Malaysian Furniture Council president Desmond Tan, who is also MFA executive adviser, said the council received over 180 petitions from industry players about the untimely policies. He added that the council had submitted a petition to Plantation and Commodities Minister Datuk Seri Johari Ghani and met with his deputy Datuk Chan Foong Hin over the matter. 'We have expressed our concerns and requested their help to convey the message to the Prime Minister. 'During the meeting, the deputy minister told us that he would speak to the Finance Ministry about the SST, which we take as a positive step,' he added. Johor, particularly Muar, produces the majority of Malaysia's furniture. The United States was the top destination for Malaysia's furniture last year, followed by Singapore, Australia, Japan and the United Kingdom.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store