The posting was announced by the president of the European Commission, Jean Claude Juncker.
Malmström, a member of Sweden's Liberal Party (Folkpartiet), took to Twitter to say that she was honoured by the nomination and that she considered trade to be a vital part of Europe's economic recovery.
Very honoured & proud to be nominated as responsible for trade in the new Commission. Trade is a vital part of Europe's economic recovery…
— Cecilia Malmström (@MalmstromEU) September 10, 2014
…and a cornerstone of our prosperity. We have much to gain from getting rid of barriers and opening new markets. /CM
— Cecilia Malmström (@MalmstromEU) September 10, 2014Sweden's Foreign Minister Carl Bildt said the nomination was "excellent for all of Europe".
The five-year term will mark the second for Malmström, who was once referred to by Prime Minister Fredrik Reinfeldt as a "convinced Europhile".She served the previous term as the EU's Home Affairs Commissioner.
Malmström, who lives with her husband and their twins in Brussels, has previously said her interest in European politics was awakened at an early age by a visit to the cemeteries near the beaches of Normandy where thousands of soldiers had perished during World War II.
— European Commission (@EU_Commission) September 10, 2014