KUALA LUMPUR, June 18 (Bernama) — The implementation of the Malaysia-Australia Free Trade Agreement (MAFTA) which came effect on Jan 1 2013 is expected to widen and deepen bilateral trade engagement.
Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said under the MAFTA, Australian exporters to Malaysia enjoy significantly reduced tariffs for goods, reaching up to 99 per cent of product coverage by 2020.
“The state of Victoria represents 19.6 per cent of Malaysia’s overall trade with Australia,” Mustapa said in his speech at the reception here Monday for the Victorian delegation taking part in the a trade mission to Malaysia, Singapaore and Indonesia.
Malaysia’s exports to Victoria in 2012 represented 21.2 per cent of Malaysia’s total exports to Australia, and Malaysia’s imports from Victoria represented 12.6 per cent of Malaysia’s total imports in 2012.
“We welcome strong interest from Victoria in promoting various sectors of interest as Malaysia shares similar interests in many of our National Key Economic Area,” he said.
Mustapa said from 2007 to 2012, 92 manufacturing projects with participation from Australia were approved totalling US$4.53 billion.
“There are significant investment opportunities in various fields such as aerospace, advanced electronics, advanced materials, chemicals, renewable energy, optics and photonics, petrochemicals, pharmaceuticals, machinery and equipment, and medical devices,” he said.Education services, Victoria’s second biggest export to Malaysia, are a growing export for Victoria and valued at A$700 million, he said.
Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said under the MAFTA, Australian exporters to Malaysia enjoy significantly reduced tariffs for goods, reaching up to 99 per cent of product coverage by 2020.
“The state of Victoria represents 19.6 per cent of Malaysia’s overall trade with Australia,” Mustapa said in his speech at the reception here Monday for the Victorian delegation taking part in the a trade mission to Malaysia, Singapaore and Indonesia.
Malaysia’s exports to Victoria in 2012 represented 21.2 per cent of Malaysia’s total exports to Australia, and Malaysia’s imports from Victoria represented 12.6 per cent of Malaysia’s total imports in 2012.
“We welcome strong interest from Victoria in promoting various sectors of interest as Malaysia shares similar interests in many of our National Key Economic Area,” he said.
Mustapa said from 2007 to 2012, 92 manufacturing projects with participation from Australia were approved totalling US$4.53 billion.
“There are significant investment opportunities in various fields such as aerospace, advanced electronics, advanced materials, chemicals, renewable energy, optics and photonics, petrochemicals, pharmaceuticals, machinery and equipment, and medical devices,” he said.Education services, Victoria’s second biggest export to Malaysia, are a growing export for Victoria and valued at A$700 million, he said.