KUALA LUMPUR: European business confidence in Asean is running high, with 78% of survey respondents expecting trade and investment in the grouping to increase over the next five years.
The European Union-Asean Business Council, in a statement yesterday said that in its latest sentiment survey, among those weighing supply chain shifts, 67% identified Asean as a destination, placing it far ahead of China and South Asia.
Its executive director Chris Humphrey said European companies come to the region for its growth, and they stay for its potential, while what helps them commit further is straightforward – a predictable, transparent and investor-friendly trading environment.
“Three trade negotiations are live at the moment. We are hopeful they will result in high-quality free trade agreements (FTAs) that deliver practical commercial outcomes to both European and South-East Asian companies, such as increased market access, fewer regulatory barriers, clearer rules and greater customs efficiency,” he added.
Currently, the EU is actively negotiating bilateral FTAs with Malaysia, the Philippines and Thailand. — Bernama
