Malaysia and EFTA agree to start FTA talks, says Mustapa

Malaysia and the European Free Trade Association (EFTA) today agreed to begin negotiations for a free trade agreement (FTA), International Trade and Industry Minister Datuk Seri Mustapa Mohamed said today.

However, the date to start the negotiations has not been decided, and would be mutually agreed to by both sides, he said.

The proposed agreement would facilitate promotion of trade, investment and economic cooperation among the signatory countries, he said in a statement.

Mustapa said the FTA would provide market access for Malaysian goods and services to all the four EFTA member countries.

"It is hoped that the FTA would provide a more transparent and predictable environment for investors and enhance Malaysia's attractiveness as an investment destination and production hub," he said.

The announcement was jointly made by Mustapa and Johann N. Scheider-Amman, Switzerland's Minister for Economic Affairs representing EFTA, here today.

The EFTA comprises Switzerland, Norway, Iceland and Liechtenstein.

Malaysia is currently negotiating with the European Union (EU) to conclude a FTA with the 27-member grouping of european countries.

A similar agreement with the EFTA member countries will extend Malaysia's preferential trading arrangements to entire Europe.

Mustapa and Scheider-Amman witnessed the signing of a "scoping paper" that establishes the subjects to be covered by the proposed FTA.