Malaysia Confident EU-Malaysia FTA Talks To Resume By End-2016

From Saraswathi Muniappan BERLIN (Germany), Sept 27 (Bernama) -– Malaysia is confident the European Union (EU)-Malaysia Free Trade Agreement (FTA) talks will resume by the end of 2016, said Prime Minister Najib Razak on Tuesday. "This would depend on the cooperation between EU member states and Malaysia," he said, adding that they would provide economic benefits for both sides. Najib, who is here on three-day official visit, said he is confident of Germany's continued support for the relaunch of these negotiations, he told top businesses from Germany at a dialogue session here Tuesday. Companies participating in the dialogue included Atotech, AWS Schafer, BMW, Daimler, Osram, Volkswagen, Infineon, Bombardier Transportation, Ensinger, B. Braun, Green Sugar and Biesterfeld International. Malaysia and EU started FTA talks five years ago. However, they were delayed for three years due to various unavoidable factors, among others, involvement in the Trans-Pacific Partnership Agreement and the failure of both parties to agree on various issues. Germany is Malaysia’s largest investor from the EU with a total of 552 manufacturing projects to-date, and these investments, which total US$11.4 billion (about RM39.6 billion), have created over 63,500 new jobs. Last year, Germany was Malaysia’s 12th largest trading partner globally, with total bilateral trade of US$10.3 billion (RM35.74 billion). Najib, who is also Finance Minister, is on a three-day official visit to Germany on the invitation of its Chancellor, Angela Merkel. Also present were International Trade and Industry Minister Mustapa Mohamed, Plantation Industries and Commodities Minister Mah Siew Keong, Representative of Asia-Pacific Committee of German Business & Chairman of the Supervisory Board of B. Braun Melsungen AG Prof. Dr Ludwig Georg Braun, Malaysian Ambassador to Germany Zulkifli Adnan and Malaysian Investment Development Authority Chief Executive Officer Azman Mahmud. -- BERNAMA