Opening up New Commercial Opportunities with Malaysia

Deputy Prime Minister and Minister for Trade Mark Vaile will co-chair the 12^th Australia-Malaysia Joint Trade Committee (JTC) meeting with his Malaysian counterpart, Rafidah Aziz, and meet with senior ministers in Kuala Lumpur, 25-27 August.

“Negotiations for a free trade agreement between Australia and Malaysia, launched in April this year, will be a key feature of the trade talks,” Mr Vaile said.

“The meeting will provide a timely opportunity to reiterate the importance of a comprehensive and liberalising agreement that delivers real benefits to the business communities of both countries.”

Malaysia is Australia’s 9^th largest trading partner with two-way merchandise trade valued at $8.5 billion in 2004-05, an increase of 23 per cent from the previous year. Key Australian exports include raw cane sugar, refined copper, unwrought aluminium, milk and cream, wheat, coal and medicaments. Two-way services trade, worth almost $1.7 billion in 2004, is dominated by Australian education exports, while investment levels are significantly in Australia’s favour.

“The JTC will review progress on initiatives arising from the previous meeting including within the coal, construction and medical devices regulation sectors and discuss new areas of cooperation,” Mr Vaile said.

“I will encourage a renewed focus on achieving progress in world trade reform in the lead-up to the World Trade Organization (WTO) Sixth Ministerial Conference in Hong Kong in December. We will also discuss developments in Asia Pacific Economic Cooperation (APEC).”

Australian and Malaysian franchise bodies will participate in the JTC meeting during an industry segment to focus on opportunities in the franchise sector.. The Australia Malaysia Business Council and Malaysia Australia Business Council (MABC) will also participate in the meeting.

“I will also support an Australian environment industry mission in Malaysia to promote Australian environmental services, technologies and equipment, particularly in the water and waste management area,” Mr Vaile said.

Mr Vaile will deliver a keynote address to Malaysian government and business leaders at a business dinner hosted by the MABC and is scheduled to meet with senior Malaysian Government figures including Deputy Prime Minister and Minister for Defence, Najib Tun Razak, and Second Finance Minister Nor Mohamed Yakcop.

The last Joint Trade Committee meeting was held in Melbourne on 26 July 2004.

Contacts: Ministerial - 02 6277 7420, Departmental - 02 6261 1555