In place of that, was a Sustainability Impact Assessment (SIA) of the economic, social, and environmental effects of trade-related provisions by both parties to support the FTA negotiations.
A stumbling block for the resumption of the MEUFTA is the sustainability action (such as deforestation and loss of biodiversity) taken by the EU in relation to palm oil. The long-standing palm oil debate has in fact detracted the Malaysia-EU bilateral relations from reaching new altitudes. Maintaining a broader perspective on the Malaysia-EU bilateral relationship despite the odds is imperative since environmental and sustainability concerns are now incorporated into the new generation of FTAs and are likely to be the dominant issues in future agreements.
Malaysia should therefore move ahead to elevate its broader trading relationship with the EU, especially since the EU is at the forefront of the global sustainability agenda!
This story is from the May 2021 edition of Business Today Malaysia.
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This story is from the May 2021 edition of Business Today Malaysia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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