Latest news with #MEUFTA
Malaysian Reserve
23-07-2025
- Business
- Malaysian Reserve
MITI: Malaysia to host second round of EU Free Trade talks in November
KUALA LUMPUR — 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. In 2024, bilateral trade between Malaysia and the GCC reached RM101.8 billion, with exports amounting to RM25.7 billion and imports RM76.1 billion. Malaysia's main exports to the GCC included electrical and electronic products, jewellery, petroleum products, palm oil and related goods, as well as processed food. Key focus areas in the Malaysia-GCC FTA include trade in goods, rules of origin, customs and trade facilitation, services, investment, digital economy, and broader economic cooperation — aimed at strengthening strategic trade and investment ties. 'It is expected that Malaysia will benefit from greater export market access in GCC countries. 'This, in turn, will strengthen the position of Malaysian companies in global supply chains and help reduce the trade deficit between the two economies,' MITI said. From 2021 to 2024, approved investments from GCC countries in Malaysia's manufacturing and services sectors under MIDA totalled RM105.9 million. — BERNAMA
Barnama
22-07-2025
- Business
- Barnama
Malaysia To Host Second Round Of EU Free Trade Talks In November
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.
The Sun
30-06-2025
- Business
- The Sun
PM Anwar to meet Italian industry leaders in Rome for economic talks
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim is scheduled to meet top executives from 36 Italian companies, including global giants such as Leonardo SpA, STMicroelectronics, and Ferrero, during his working visit to Rome. The discussions will take place at the Malaysia-Italy Economic Partnership Roundtable on July 2, as confirmed by Malaysian Ambassador to Italy, Datuk Zahid Rastam. The roundtable will also feature Malaysian companies accompanying Anwar, alongside Italian firms seeking deeper collaboration with Malaysia. Leonardo SpA operates in aerospace and defence, STMicroelectronics is a key semiconductor player, and Ferrero is a leading confectionery manufacturer—all with substantial operations in Malaysia. Zahid Rastam noted that Italian firms are keen to expand investments and partnerships in Malaysia, highlighting the country's strategic position in Southeast Asia. Italy, the EU's third-largest economy, contributes 12 per cent of the bloc's GDP, making it a crucial partner for Malaysia. Beyond business discussions, Anwar will hold talks with Italian Prime Minister Giorgia Meloni on bilateral cooperation in trade, investment, defence, agro-commodity, and digital economy. The Malaysia-EU Free Trade Agreement (MEUFTA) will also be a key agenda item. The first round of MEUFTA negotiations is set for June 30 to July 4, 2025, in Brussels, with a target conclusion by 2026. The EU remains Malaysia's fourth-largest trading partner, accounting for 9.5 per cent of total trade in 2023.
Malaysia Sun
10-06-2025
- Business
- Malaysia Sun
Malaysia, Poland seek strengthened economic, trade ties
KUALA LUMPUR, June 10 (Xinhua) -- Malaysia is seeking strengthened economic and trade ties with Poland while reaffirming the importance of free and open trade, Malaysian Prime Minister Anwar Ibrahim and Polish President Andrzej Duda said here on Tuesday. They reaffirmed the importance of adhering to internationally accepted trade norms and multilateral engagement and cooperation, as this would be mutually beneficial, the leaders said in a joint statement during Duda's official visit to Malaysia from June 9 to 11. "The leaders reiterated their unwavering commitment to open and inclusive trade and a fair, rules-based international trading system. They strongly reaffirmed their support for the swift advancement of the Malaysia-EU Free Trade Agreement (MEUFTA) negotiations and stressed the importance of concluding the agreement at the earliest opportunity," they said. "Both sides agreed to promote balanced trade by reducing economic barriers, enhancing consultation mechanisms between relevant ministries, and fostering collaboration amongst business communities," they said, adding that friendly bilateral cooperation will facilitate cooperation in a number of new and emerging fields such as the digitalization of public services, green transition, particularly the hydrogen economy and renewable energy and the maritime economy. Anwar and Duda also agreed to cooperate on security matters, including enhancing the exchange of experiences and coordination in combating crime, including organized and international crime. Poland is Malaysia's important trading partner among EU member states. Malaysia's main exports to Poland include electrical and electronic products, rubber products and machinery, while main imports from Poland consist of machinery, equipment and spare parts, electrical and electronic products, and transport equipment.
New Straits Times
10-06-2025
- Business
- New Straits Times
Malaysia and Poland strengthen trade and security cooperation
KUALA LUMPUR: Malaysia and Poland have agreed to strengthen their economic partnership by lowering trade barriers and boosting cooperation in key sectors such as agri-food. Both countries also pledged to work more closely to combat organised crime, illegal immigration, and human trafficking. In a joint statement following a bilateral meeting between Prime Minister Datuk Seri Anwar Ibrahim and Polish President Andrzej Duda, both leaders said economic cooperation is an essential pillar of bilateral relations. "Both sides agreed to promote balanced trade by reducing economic barriers, enhancing consultation mechanisms between relevant ministries, and fostering collaboration amongst business communities. "The leaders also reaffirmed their commitment to enhancing cooperation and boosting bilateral trade in the agri-food sector," they added. Duda arrived in Malaysia yesterday for a three-day official visit to strengthen bilateral relations and expand cooperation. In 2024, Poland ranked as Malaysia's 8th largest trading partner among European Union member states, with total bilateral trade rising by 19.5 per cent to RM5.7 billion compared to 2023. Malaysia's primary exports to Poland include electrical and electronic products, rubber products and machinery, while key imports from Poland consist of machinery, equipment and parts, electrical and electronic products and transport equipment. The leaders agreed to support for the swift advancement of the Malaysia-EU Free Trade Agreement (MEUFTA) negotiations and stressed the importance of concluding the agreement at the earliest opportunity. They also pledged to advance bilateral cooperation through joint initiatives in economic and digital transformation, focusing on key sectors including the digitalisation of public services, green transition, particularly the hydrogen economy and renewable energy among others. Anwar also welcomed Poland's swift ratification of the Framework Agreement on Partnership and Cooperation between Malaysia and the European Union (MEUPCA). The leaders also reiterated their commitment to deepen cooperation in security and defence, building upon cooperation in areas of mutual benefits. They reaffirmed their commitment to enhancing the exchange of experiences and coordination in combating crime, including organised and international crime, illegal immigration, and human trafficking. Anwar and Duda also recognised the vital role of the private sector and people-to-people connections in strengthening bilateral relations and cooperation between Malaysia and Poland. "As such, they affirmed their commitment to expanding people-to-people exchanges in areas such as education, science, vocational training, culture, national heritage preservation, and tourism," they said. They also welcomed efforts and encouraged airlines of both countries, as well as tour operators, to enhance direct air connectivity and expand package tour offerings to promote tourism, facilitate cargo transport, and strengthen people-to-people exchanges between Malaysia and Poland. Duda also extended his thanks to Anwar and invited him to visit Poland, expressing hope that the friendly and productive dialogue between both countries will continue.
