European Council expands FTA negotiations with ASEAN

In terms of investment, the European Union is the largest investor in the ASEAN region.

The European Council has just approved a decision to expand free trade negotiations (FTA) with member countries of the Association of Southeast Asian Nations (ASEAN).

In a statement issued after a meeting of EU Trade Ministers, the European Council said the new decision allows the European Commission to open investment protection negotiations with ASEAN member states, as part of ongoing free trade negotiations.

The European Union is currently negotiating with four ASEAN member states, namely Malaysia, Thailand, Singapore and Vietnam. Negotiations on a free trade agreement with Singapore concluded late last year, but negotiations on investment protection are still ongoing.

ASEAN is now a strong and valuable trading partner for the European Union. Over the past two years, trade between the two blocs has increased by 39.5% while trade in services has increased by 27%. The European Union is the main import market for products from ASEAN countries, while ASEAN is the EU's fifth largest trading partner.

In terms of investment, the European Union is the largest investor in the ASEAN region./.

According to VOV - DT