by supplychainreport
The European Union is making progress in negotiations with the Philippines, Thailand, and Malaysia on new free trade agreements, European Commissioner for Trade and Economic Security Maros Sefcovic said Thursday.
Sefcovic made the remarks on the sidelines of a meeting in Kuala Lumpur between economic ministers of the Association of Southeast Asian Nations (ASEAN) and the bloc’s trading partners.
The EU aims to expand trade ties beyond its existing agreements with Singapore, Vietnam, and Indonesia. A free trade agreement with Indonesia was concluded recently after nine years of talks, with both sides seeking to boost exports and investment.
“We have advanced very well in our free trade negotiations with Thailand, with the Philippines, and also with Malaysia,” Sefcovic said. “My message to my partners in ASEAN was that we do not want to stop here.” He added that the EU expects to finalise and sign trade deals with these three countries by next year.
Sefcovic also noted that bilateral agreements between the EU and Southeast Asian nations serve as a “building block” toward a potential region-to-region free trade agreement.
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