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Malaysia โ€“ Australia Free Trade Agreement

On the 22 May 2012 Australia’s Minister for Trade and Competitiveness, Mr Craig Emerson and the Malaysian Minister for Trade and Industry Mr Mustapa Mohamed officially signed the Malaysia – Australia Free Trade Agreement (MAFTA) IN Kuala Lumpur.

This agreement is a comprehensive, high quality agreement that will allow the Australian economy to integrate even further in to the fast growing Asian region. This agreement will build on benefits being experienced through the current ASEAN – Australia – New Zealand Free Trade Agreement. This particular agreement commenced between Australia and Malaysia in 2010.

Malaysia is currently Australia’s 10th largest trading partner with bi lateral trade worth more than $16 billion in 2011. This agreement will open even more avenues for Australian goods and services into the dynamic and ever growing Malaysian market.

This agreement lays a solid foundation for the strengthening of a Free Trade Agreement within the Asian region and is seen as a major step in gaining an FTA with the likes of Japan and South Korea.

MAFTA will enter into force once Australia and Malaysia have completed their domestic ratification procedures. For Australia, consideration by the Joint Standing Committee on Treaties is an important part of this process. The earliest the Agreement would take effect is 1 January 2013.

For further information, please contact Australian Business Consulting & Solutions on 1800 505 529 or via email.

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