banner-img

Learning can be easier with EX - Library.

Explore our newest feature, a reliable informational resource you've been looking for!
Join |
The EU and ASEAN Reconsider Free Trade Agreement
448 views
0 comm

The EU and ASEAN Reconsider Free Trade Agreement

ASEAN-EU free trade negotiations are set to resume. Talks about a free trade agreement (FTA) were suspended in 2009, as the European Union (EU) decided to pursue bilateral trade agreements with single nations instead of the whole bloc.

Negotiations with Member States

After the talks came to a halt in 2009, the EU began talks with six out of ten ASEAN member states: Singapore, Malaysia, Vietnam, Thailand, the Philippines, and Indonesia. Today, the only FTAs that are intact are the ones with Singapore and Vietnam. The EU is still in negotiations with Indonesia while talks with Malaysia, the Philippines, and Thailand have halted.

On a related note: The UK has signed a joint ministerial declaration on future economic cooperation between ASEAN and the UK in 11 areas of economic significance. It also engaged in dialogues for further cooperation.

Bigger Would Be Better

Despite having talks on a national level, a comprehensive trade deal on the EU-ASEAN level could also tackle issues that individual member states can hardly handle alone. One example is climate policies, which need a multinational framework. Another example is rules for financial markets or supply chains.

Exima

Now, both sides have agreed to resume negotiations and hold joint expert meetings. They will first build mutual understanding on key issues such as e-commerce, sustainability, and government procurement. The ultimate goal is to agree on an FTA to create a favorable framework for trade and investment in ASEAN and give EU companies easier market access.

The EU-ASEAN Business Council has proposed to ASEAN to reduce non-tariff trade measures. Products in both regions should meet the same standards, and the protection of intellectual property rights should be increased. Other topics such as the use of renewable energy, data protection in the digital economy, and smoother procedures for cross-border travel were also discussed.

Stay in the Loop with EXIMA

At EXIMA, we believe in making international trade easy and ensuring you have all the tools you need to trade confidently. That includes helping our users learn everything they need to know about global trade. Join the export/import association today!

You May Also Like

Dec 15
2021
China's Carbon Market: This Is How It Works

With the focus on reducing the intensity of emissions generation, the carbon markets in China are part of an ambitious plan...

Staff
Comments (0)
Nov 04
2020
International Trade's Impact on Income Inequality

From boosting specialization to lowering inflation, international trade has the power to impact social and economic inequality...

Staff
Comments (0)
This website uses cookies. By using this website, you consent to our use of these cookies