BRUSSELS - Malaysia and the European Union kicked off free trade talks Tuesday in a move aimed at increasing a two-way trade that currently accounts for around 10 percent of Malaysian imports and exports.
The launch of negotiations was announced on the sidelines of the Asia-Europe Meeting (ASEM) attended by 46 nations representing 60 percent of world trade and almost 60 percent of the world's populations.
Malaysian Prime Minister Mohd Najib Abdul Razak and European Commission president Jose Manuel Barroso jointly announced the formal commencement of the talks, with Malaysia proposing a first round be held this year.
The free trade agreement will focus on market access for goods and services, investment, trade facilitation and economic cooperation.
The European Union on Wednesday signs a free trade deal with South Korea, described as its most ambitious yet, and Japan called for increased momentum in its bid for a similar deal during the two-day ASEM summit.
