The trade and investment relationship between Malaysia and the European Union (EU) is strong, with potential benefits from a Free Trade Agreement (FTA).

The EU is working to restart FTA negotiations after a hiatus, and both Malaysia and the EU are assessing recent changes.

Delegation of the European Union to Malaysia Chargé D’affaires a.i, Timo Goosmann expressed optimism about reaching an agreement on the conditions and commencing negotiations. He believes that this will pave the way for a meaningful FTA that will create opportunities and prosperity for both sides.

“The relationship between Malaysia and the European Union is multifaceted, with sustainability being one of the key areas where the EU aims to make a difference for the future,“ said Goosmann.

Meanwhile, Sunway Group and the European Union Delegation to Malaysia (EUD) have entered into a strategic partnership to advance a broad range of joint sustainability initiatives. The collaboration between the diplomatic mission of the world’s largest trading bloc and one of Southeast Asia’s leading conglomerates marks a significant milestone in both entities’ commitment towards a net zero future.

Through the partnership, Sunway and the EUD are committed to fostering a more sustainable and greener future by leveraging mutual strengths, shared knowledge and funding, capacity building and joint initiatives.

Goosmann said the EU’s partnership with Sunway Group is mainly aimed at raising awareness of sustainable practices in Malaysia.

“The EU has worked diligently to ensure that environmental sustainability becomes a common vision. At home, the EU has adopted the European Climate Law, which defines that Europe’s economy and society must become climate neutral by 2050,” he said.

Sunway Group executive director of the chairman’s office Ong Pang Yen said the partnership between the EU and Sunway reflects the spirit and importance of the United Nations Sustainable Development Goals (UN-SDG), in particular UN-SDG 17 – Partnership for the Goals.

“Sunway Group looks forward to working with the EU and its Member States to do as much as possible, in making meaningful and purposeful progress towards achieving as many of the UN – SDGs as possible here in Malaysia and throughout the region,” he said.

Goosmann and Ong signed a letter of intent to formalize the partnership at a signing ceremony today which was witnessed by Sunway Group CEO of Digital and Strategic Investments Evan Cheah, and Embassy of Belgium in Malaysia Deputy Head of Mission, Pierrick Massaux.

• The Sun Daily