The Malaysia-Australia Free Trade Agreement (MAFTA) was signed in May 2012 by Australia’s Minister for Trade and Competitiveness, Craig Emerson, and Malaysia’s Minister of International Trade and Industry, Dato’ Sri Mustapa Mohamed and entered into force on 1 January 2013.
Under the Agreement, Malaysia will eliminate tariffs on 97.6 per cent of goods imported from Australia, extending to 99 per cent by 2017. Malaysian exports will benefit from duty-free entry into Australia from day-one. The Agreement also addresses other barriers to trade, will simplify administration for traders and allow more Australian business executives and senior managers to work in Malaysia.
Australian industries to benefit include milk; automotives; processed foods; plastics; chemicals and a range of manufactured products; wine; iron and steel; and rice. Significant gains have also been achieved for services and investment through access to majority ownership in companies in a wide range of sectors including education; financial; telecommunications and professional services. Suppliers in other industries such as tourism, research and development and mining-related services will also be guaranteed the right to majority ownership.
More information on the agreement can be found in this section of the AMBC website and the AMBC will be holding a number of MAFTA focused events throughout 2013 and 2014 to promote the benefits for Australian businesses.
Further detailed information can be found on:
The Department of Foreign Affairs and Trade (DFAT) website – http://www.dfat.gov.au/fta/mafta/
Australian Trade Commission (Austrade) website – http://www.austrade.gov.au/MAFTA