Media Release:
4 August, 2009
Boosting trade links with Malaysia
Trade Minister Simon Crean will today host the 15th Australia Malaysia Joint Trade Committee meeting in Melbourne.
Mr Crean will hold talks with his Malaysian counterpart the Minister for International Trade and Industry, Dato’ Mustapa Mohamed, that will focus on a range of bilateral trade and investment issues.
Mr Crean said the meeting would discuss the next steps in the Malaysia Australia Free Trade Agreement (MAFTA) after the signing of the Australia-New Zealand-ASEAN FTA (AANZFTA) earlier this year.
“There is a great opportunity for our bilateral FTA with Malaysia to build on the platform laid out by the historic AANZFTA agreement,” Mr Crean said.
“In particular, there are opportunities for greater cooperation in the automotive sector, logistics, construction technology, urban design as well as Islamic finance.
“Malaysia is our third largest trading partner in ASEAN with two-way trade worth more than $15.5 billion last year, but we can strengthen and deepen the commercial relationship”.
MAFTA negotiations will begin in mid-August when officials meet in Kuala Lumpur. These talks were put on hold during the AANZFTA negotiations.
In 2008, Malaysia was Australia’s eleventh-largest two-way trading partner.
Australian exports to Malaysia rose by more than 20 per cent in 2008, and were valued at $5.5 billion.
According to Australian Bureau of Statistics figures, total Australian investment in Malaysia in 2008 was valued at $2.8 billion, while total Malaysian investment in Australia was valued at $10.1 billion.
Media Inquiries: Mr Crean's office 02 6277 7420 - Clinton Porteous 0403 369 588 - Departmental Media Liaison 02 6261 1555