Bilateral Trade Between Malaysia And EU Higher At US$41.63 Billion In 2013

KUALA LUMPUR, April 17 (Bernama) -- Bilateral trade between Malaysia and the European Union (EU) was 6.0 per cent higher at US$41.63 billion (RM135 billion, US$1 = RM3.24) in 2013, said Ambassador and Head of the EU Delegation to Malaysia, Luc Vandebon. He also said last year, the EU managed to climb up a notch to become Malaysia's third largest trading partner, after China and Singapore, despite economic uncertainty clouding the Eurozone. "The investment figure from the EU to Malaysia, which saw more that US$1.54 billion (RM5 billion) in investments approved, makes it plain to see why the EU matters to Malaysia and vice versa. "Collectively, the EU was Malaysia's third largest foreign investor. "In 2013, EU investments grew by over 28 per cent compared with 2012, with the Netherlands leading the way at RM2.4 billion, followed by Germany (RM1.7 billion) and the United Kingdom (RM500 million)," he said in his speech here Thursday, while officiating the EU-Malaysia Trade and Investment Forum 2014. The half-day forum themed, 'Enhancing Cooperation in Facilitating SMEs Access to Finance for Sustainable Consumption and Production Projects', was organised by the EU-Malaysia Chamber of Commerce and Industry. It aims to address the various platforms for gaining financial access. On the EU's growth prospects, Vandebon said the forecast suggests that the worst is over for the Eurozone, as the economy is finally picking up this year. Moving forward, he said the EU is looking to consolidate its existing good trade relations with Malaysia and resume the EU-Malaysia free trade agreement (FTA) negotiations. "We have been working on this for the last two years. However, negotiations stalled, due to the general election as a new policy mandate was required. "Malaysia now has that mandate and we are hoping that a meeting with lead negotiators will put things back on track. We will work hard to ensure a trade deal with Malaysia that is ambitious, sustainable and beneficial for all," Vandebon added. --BERNAMA