He said the Malaysia-EU FTA (MEUFTA) would build on the EU’s framework of a comprehensive partnership that had driven growth in trade, jobs, investment, and closer political and social ties, Bernama reported.

“I am sure that the trade as we see it today between Malaysia and Europe, which is in the realm of 46 billion euros, would quickly grow once this FTA is in place,” he was quoted as saying in his keynote address at the Asean-EU Business Summit 2025.

Sefcovic said both sides had gained valuable experience in tackling issues such as public procurement, state-owned enterprises, agricultural sensitivities, critical raw materials, export-import licensing, and non-tariff barriers.

“I would like to conclude by reassuring you that we are fully conscious of the fact that Europe is an attractive partner, not only because we are the largest trading bloc and single market in the world, but also because we were, we are, and always will be, a reliable, transparent, and fair partner,” he said.

He added that bilateral FTAs with Thailand and the Philippines are also expected by 2027 and will form the foundation for a broader Asean-EU trade pact.

Last year, the EU was Malaysia’s fourth largest trading partner, with two-way trade reaching US$45.33 billion. It was also the country’s fourth-largest export market and third-largest source of imports.

FTA negotiations between Malaysia and the EU resumed this year after being suspended in 2012, when Kuala Lumpur objected to what it said was unfair treatment of palm oil and other products.

The EU already has trade agreements with Singapore and Vietnam, and recently concluded talks with Indonesia.