|Malaysia's Free Trade Agreements||
Malaysia - European Free Trade Association Partnership
The European Free Trade Association (EFTA) countries consisting of Iceland, Liechtenstein, Norway and Switzerland are separate from and are non-members of the European Union.
A total of 8 rounds of negotiations have been held beginning from the First Round held in March 2014. Round Eight was hosted by Kuala Lumpur in May 2017.
15 Working Groups have been set up to cover the agreed areas of MEEPA:
STATUS OF NEGOTIATIONS
Bilateral trade value with EFTA states in 2016 was RM 11.31billion with Malaysia’s exports showing a growth of 36% to record RM3.12 billion. Exports to Switzerland contributed to 88% of the overall value.
These are healthy indicators that show potential complementary areas such as R&D in the manufacturing sector as well and services-related cooperation which would serve as a strategic base for source of foreign direct investment and transfer of knowledge and technology.
EFTA is one of Malaysia’s major sources of foreign investment. At present, there are more than 200 EFTA companies - mainly from Switzerland and Norway that have invested in the manufacturing sector in Malaysia. Major names include Nestle, Roche, Novartis, Swatch, DKSH, Aker Solutions, Jotun Paints, Oglaend Industries, Norpower, Eltek Power and Oceaneering Services (Malaysia).
Prominent MNCs and large EFTA corporations have chosen Malaysia to establish their regional and global operations. These include renowned MNCs such as Zurich Insurance, Credit Suisse Security, Ace Synergy Insurance, DNV GL, IKM Group, Wihelmsen Ships and Jordan Asia Pacific.
Ministry of International Trade and Industry
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