EFTA, Malaysia in Free Trade Agreement Negotiations

EFTA, Malaysia in Free Trade Agreement Negotiations

Malaysia and the member nations of the European Free Trade Association – Iceland, Liechtenstein, Norway and Switzerland – recently began negotiations on a free trade agreement between the two sides.

The announcement was made in Kuala Lumpur, Malaysia, by Federal Councillor Johann N. Schneider-Ammann, Switzerland’s head of the federal department of economic affairs, on behalf of the EFTA states, and Dato’ Seri Mustapa Mohamed, Malaysia’s minister of international trade and industry. They also observed the signing of a “Scoping Paper” that set the terms of the future trade agreement.

Trade between the two sides has more than doubled in value over the past decade. The value of EFTA-Malaysia merchandise trade (imports and exports) in 2011 totaled $1.7 billion.