Good afternoon. It is a pleasure to be here in Malaysia. Thank you, Noel, for your kind welcome, and for organising this event.
I am here in the wonderful city of Kuala Lumpur for the ASEAN Ministerial meeting.
But as the European Commissioner responsible for Trade, wherever I go in the world I always make sure to sit down and engage with businesses.
You are the ones on the ground, taking risks, creating jobs, and boosting competitiveness.
We hear you when you say that you want us to reduce the cost of doing business and create stable and predictable environments in which you can build on your success.
So, I very much appreciate events, such as this Business Summit, which has been a huge success since its launch in 2011 as a platform for the public and private sectors from the European Union and ASEAN to discuss and debate the issues at hand.
And I want to assure you that the calls from business to forge closer and more meaningful economic ties at a time of growing uncertainty are being heard.
ASEAN remains a region of crucial importance to Europe, and seeking closer cooperation on trade – both with individual countries and the region as a whole – is a top priority for us.
In turn, our trade relationship can be more than an economic tool. It can be a strategic asset, underpinning our trust, alignment, and resilience.
So, I am happy that our links are already strong. As a bloc, the ASEAN region represents a dynamic market of some 660 million consumers.
It is the EUs third-largest trading partner outside Europe, with trade in goods worth 259 billion euros last year, and a further 132 billion euros in services.
The EU, meanwhile, accounts for about 10% of ASEANs trade. And we are the second-largest foreign investor in the region.
Those of you here at the EU-ASEAN Business Council are heavily responsible for building these ties, and we should celebrate your achievements.
We also want to support you as much as we can in your efforts, particularly at such a challenging time for global trade.
By tapping in the full potential offered by the EU-ASEAN trading relationship, we can ensure greater certainty and remove obstacles in your path.
2027 will mark 50 years of dialogue between the EU and ASEAN.
As partners who are committed to a rules-based international trading system, we hope to celebrate that milestone by sealing a Comprehensive Strategic Partnership.
Our long-term goal remains a region-to-region trade agreement. And in recent years, we have been engaging with ASEAN in trade cooperation in three sectors – green, digital, and supply chains.
But first, we need to build a foundation in the shape of a network of bilateral trade agreements, something that is our focus in the short-term.
We already have some in force, such as with Singapore and Viet Nam. And we are working tirelessly on others.
I was in Bali earlier this week to conclude our FTA negotiations with Indonesia, while we also seeing promising progress in our talks with Thailand, the Philippines, and most recently, Malaysia.
These agreements create opportunities for businesses on both sides by opening markets and improving access.
Taking Malaysia as an example. Talks are still at an early stage, but the potential benefits of an EU-Malaysia Free Trade Agreement are undeniable.
We are already important trading partners, with total trade in goods worth 46.4 billion euros last year.
The EU is Malaysias fourth-largest trading partner, while Malaysia is the EUs third-largest trading partner within ASEAN.
Our trade is especially strong when it comes to industrial goods, such as machinery and appliances. But businesses on both sides can benefit if we can tear down the remaining barriers.
And I want to assure you that we are working closely with our Malaysian counterparts to make that happen.
Ladies and gentlemen, my mission here this week is to further the close cooperation which already exists between the EU and ASEAN.
To assure our partners in this part of the world that the EU remains a reliable, transparent, and fair partner.
And to underline our support for you, the business community, who are the engine of our economic relationship.
We want to listen to you, work with you, to deliver on the opportunities of tomorrow. Thank you.
