EU Sees ASEAN As The Best Economic Opportunity - Sefcovic

KUALA LUMPUR, Sept 25 (Bernama) -- The European Union (EU) views ASEAN as the best economic opportunity, driven by strong business confidence and growing economic potential, said the European Commissioner for Trade and Economic Security, Interinstitutional Relations and Transparency, Maros Sefcovic.

In his opening remarks at the 21st AEM-European Union (EU) Trade Commissioner Consultation here today, Sefcovic said this reaffirmed the EU’s commitment to strengthening trade and investment ties with ASEAN, underlining the bloc’s strategic interest in the region.

“If you look at the business sentiment survey, which was presented to me yesterday and this afternoon, indeed, 55 respondents from Europe see ASEAN as a region of the best economic opportunity.

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“About 71 per cent of European firms expect to increase trade and investment in ASEAN. They are also telling us what we have to work for, and I think this is the same case for all of us,” he said.

Sefcovic also emphasised the need to simplify Customs procedures and improve the ease of doing business between the two regions, as the EU views ASEAN not only as a political partner, but also as an attractive economic destination for new investments.

On free trade agreements (FTAs), he said that while the EU has already concluded agreements with Singapore, Vietnam and, most recently, Indonesia, negotiations are actively underway with Malaysia, Thailand and the Philippines.

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“We believe that these bilateral FTAs can serve as a building block towards the future region-to-region FTA. I want to thank all our partners with whom we are negotiating for the progress, for the good spirit and for the advancement we make,” he added.

Meanwhile, Minister of Investment, Trade and Industry Tengku Datuk Seri Zaful Abdul Aziz said that amid multiple global challenges, ASEAN and the EU are uniquely positioned to turn challenges into opportunities.

Therefore, he said by strengthening the partnership is not only about navigating current disruptions, it is also about unlocking the shared potential in critical areas such as digital transformation, green transition, supply chain resilience and sustainable investment.

“By working together, ASEAN and EU can reinforce the rules-based trading system, promote inclusive and sustainable growth and strengthen the competitiveness and resilience of our regions, while contributing to greater stability and confidence in the global economy,” said Tengku Zafrul.

Meanwhile, in a joint statement today, the consultation said it is determined to work together to deliver meaningful outcomes at the 14th World Trade Organisation (WTO) Ministerial Conference (MC14), scheduled for March 2026 in Cameroon.

The statement noted that the WTO has been instrumental in promoting global economic growth and stressed the need for collective efforts to drive essential reforms, ensuring the organisation remains relevant and effective in addressing both current and future global trade challenges.

The meeting also highlighted that, based on ASEAN’s preliminary statistics, two-way merchandise trade between ASEAN and the EU reached US$292.8 billion in 2024, while foreign direct investment (FDI) inflows from the EU into ASEAN totalled US$20 billion during the same period (US$1=RM4.2).

-- BERNAMA