However, he noted that prior agreements from 2012 are now obsolete. “The world has changed significantly – not only from a geopolitical perspective but also in terms of technology, innovation, value chains, and environmental challenges. “We (the EU and Malaysia) must therefore start again from scratch,” said Kvarnström. Kvarnström acknowledged Malaysia’s economic transformation, stating that the country is on track to becoming a high-income nation with a diversified industrial base. While Malaysia continues to rely on mineral and natural resources, it has also built a strong industrial base, including innovative sectors, he added. On EU-Malaysia trade, Kvarnström said bilateral trade in goods totalled €44.7 billion in 2023. The EU imported €29.1 billion worth of goods from Malaysia, while it exported €15.6 billion worth of goods to Malaysia, leaving Malaysia with a €13.5 billion trade surplus. Trade in services was valued at nearly €11 billion in 2022. The EU was Malaysia’s second-largest source of foreign direct investment (FDI), with €31.6 billion in 2023. Bilateral trade is dominated by industrial products, particularly machinery and appliances, which account for over 90% of trade flows. Machinery and appliances alone made up 62% of all EU imports from Malaysia and over 46% of EU exports. (ICE KUALA LUMPUR)

Fonte notizia: 20 marzo, Kuala Lumpur