Malaysia-Australia trade set to take off

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Aussie tradeThe new trade agreement between Australia and Malaysia, the Malaysia-Australia Free Trade Agreement, or MAFTA, is likely to push bilateral trade relations between the two countries in the years to come, the Australian High Commission in Kuala Lumpur said.

MAFTA came into force on January 1, 2013, and eliminates all remaining Australian import tariffs on Malaysian goods and almost all Malaysian import tariffs on Australian goods by 2020, with most goods tariff-free from this year.

It is supposed to strengthen and expand the economic relationship between Australia and Malaysia and create new export, investment and education opportunities. It will also open up new opportunities for Malaysian businesses to work with Australian investors and suppliers of goods and services, and enable Malaysian consumers to access imported Australian goods and services at lower cost, the commission said.

A key component of MAFTA is the strategic framework it creates for economic and technical cooperation in specific areas of mutual interest to Malaysia and Australia: automotive, agriculture, tourism, clean coal technology and electronic commerce. Activities will focus on strengthening existing relationships and building new ones, advancing human resource development, creating new opportunities for trade and investment and contributing to the role of the private sector.

Malaysian businesses can now also participate in the provision of hospital and hospital support services in Australia. Education links would also be strengthened by MAFTA. About 21,000 students study for Australian qualifications in Malaysia, including at three Australian university campuses: Monash University’s Sunway Campus in Petaling Jaya, the Curtin University of Technology in Miri and Swinburne University of Technology in Kuching.

Malaysia is Australia’s third-largest trading partner in ASEAN. Two-way goods and services trade between the two countries totaled A$17.2 billion ($16.5 billion) in the 2011-12 financial year. In 2011, Malaysian investments in Australia stood at A$14 billion and Australian investments in Malaysia were worth A$5.7 billion.

 

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Reading Time: 2 minutes

The new trade agreement between Australia and Malaysia, the Malaysia-Australia Free Trade Agreement, or MAFTA, is likely to push bilateral trade relations between the two countries in the years to come, the Australian High Commission in Kuala Lumpur said.

Reading Time: 2 minutes

Aussie tradeThe new trade agreement between Australia and Malaysia, the Malaysia-Australia Free Trade Agreement, or MAFTA, is likely to push bilateral trade relations between the two countries in the years to come, the Australian High Commission in Kuala Lumpur said.

MAFTA came into force on January 1, 2013, and eliminates all remaining Australian import tariffs on Malaysian goods and almost all Malaysian import tariffs on Australian goods by 2020, with most goods tariff-free from this year.

It is supposed to strengthen and expand the economic relationship between Australia and Malaysia and create new export, investment and education opportunities. It will also open up new opportunities for Malaysian businesses to work with Australian investors and suppliers of goods and services, and enable Malaysian consumers to access imported Australian goods and services at lower cost, the commission said.

A key component of MAFTA is the strategic framework it creates for economic and technical cooperation in specific areas of mutual interest to Malaysia and Australia: automotive, agriculture, tourism, clean coal technology and electronic commerce. Activities will focus on strengthening existing relationships and building new ones, advancing human resource development, creating new opportunities for trade and investment and contributing to the role of the private sector.

Malaysian businesses can now also participate in the provision of hospital and hospital support services in Australia. Education links would also be strengthened by MAFTA. About 21,000 students study for Australian qualifications in Malaysia, including at three Australian university campuses: Monash University’s Sunway Campus in Petaling Jaya, the Curtin University of Technology in Miri and Swinburne University of Technology in Kuching.

Malaysia is Australia’s third-largest trading partner in ASEAN. Two-way goods and services trade between the two countries totaled A$17.2 billion ($16.5 billion) in the 2011-12 financial year. In 2011, Malaysian investments in Australia stood at A$14 billion and Australian investments in Malaysia were worth A$5.7 billion.

 

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