Kuala Lumpur: The Association of Southeast Asian Nations (ASEAN), with a particular emphasis on Malaysia, presents market diversification opportunities for the European Free Trade Association (EFTA) to extend its trade influence, announced the Head of the Swiss Delegation, Thomas Aeschi. EFTA comprises Switzerland, Liechtenstein, Norway, and Iceland.
According to BERNAMA News Agency, Aeschi highlighted Malaysia as a strategic alternative for EFTA-based companies aiming to enhance their presence in the ASEAN region. He remarked that Malaysia offers a cost-effective and advanced market environment, positioning itself between Singapore and Vietnam in terms of business appeal. This sentiment was shared during a media briefing attended by the Swiss Ambassador, Chantal Moser.
Aeschi is currently leading a delegation of parliamentarians from the EFTA states on an official visit to Malaysia from April 21 to April 25. The delegation’s objective is to strengthen parliamentary ties, gain firsthand insights, and garner political support for the Economic Partnership Agreement between Malaysia and the EFTA states (MEEPA), which reached a conclusion on April 11, 2025.
The visit serves as a preparatory step for the EFTA parliamentarians as they gear up for domestic discussions and the ratification of MEEPA in their respective parliaments. Aeschi noted that several Swiss companies are keenly observing the Malaysian market and are poised to expand their presence with the implementation of MEEPA. He emphasized the significance of the anticipated investment protection agreement, which promises a secure framework for Swiss investments in Malaysia.
At present, approximately 35 Swiss-affiliated companies employ over 20,000 individuals in Malaysia. Trine Lise Sundnes, Head of the Norwegian delegation, underscored the importance of free trade across borders, particularly amid global economic uncertainties. She expressed satisfaction with the ongoing talks, noting Malaysia’s shared commitment to a rule-based trade regime that fosters sustainable growth.
Negotiations for a comprehensive economic partnership agreement between Malaysia and EFTA states commenced in November 2022. The initial round took place in March 2014, followed by 16 negotiation rounds and numerous meetings at the delegation and expert levels. Sundnes confirmed the conclusion of these negotiations on April 11, 2025, with MEEPA slated for signing in June, followed by a ratification process.
EFTA is recognized as one of the world’s largest free trade networks, boasting 33 FTAs with 44 countries and territories outside the European Union. Since 2019, trade between EFTA and Malaysia has recorded US$550 million, reaching US$2.35 billion in 2014. Key exports from EFTA include machinery, pharmaceuticals, electrical machinery, and precision instruments, while imports from Malaysia feature electrical machinery, precision instruments, rubber, and aluminium. Within ASEAN, EFTA maintains FTAs with Singapore, Thailand, Indonesia, and the Philippines.