A free trade agreement with Malaysia comes into force today.
The treaty is known as MAFTA, the Malaysia-Australia Free Trade Agreement.
It is the seventh free trade agreement Australia has entered into. The others are with Chile, New Zealand, Singapore, Thailand, the United States and the multiparty ASEAN-Australia-New Zealand FTA.
Text of a media release from the Minister for Trade and Competitiveness, Craig Emerson
Free Trade Agreement with Malaysia in Force
Australia’s ground-breaking free trade agreement with Malaysia enters into force today, opening up opportunities for exporters and investors across most sectors.
From today, 97.6 per cent of Australian goods currently exported to Malaysia are eligible for tariff-free treatment, rising to 99 per cent in 2017.
Service providers – including universities, schools, banks, insurers, telecoms companies and accountancy firms – will also benefit, with increased access to the Malaysian market and an easing of rules on control of Malaysian businesses. [Read more...]