European businesses want ASEAN FTA despite bilateral trade progress
Indonesia was the second-most targeted ASEAN market for European business expansion, with 57 percent of respondents planning to expand operations there over the next five years, trailing behind Vietnam at 64 percent.
European businesses are advocating for a regional free trade agreement (FTA) between the European Union and ASEAN, despite progress in bilateral trade. A new survey reveals that 64 percent of businesses plan to expand operations in ASEAN, with Indonesia being the second-most targeted market after Vietnam. Nearly three-quarters of respondents believe an EU-ASEAN regional trade pact would offer more advantages than bilateral agreements, which currently exist with only Singapore and Vietnam.
Half of those surveyed want negotiations to start in 2027, marking 50 years of diplomatic ties between the two regions. EU-ASEAN Business Council executive director Chris Humphrey emphasized the need for a broader economic strategy for Europe to remain competitive in one of the world's fastest-growing regions.
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