KL and Canberra to sign free trade agreement by next year
The Star | Tuesday November 2, 2010
KL and Canberra to sign free trade agreement by next year
By DHARMENDER SINGH and JOSHUA FOONG
PUTRAJAYA: Malaysia and Australia have agreed to sign a Free Trade Agreement (FTA) by next year to further improve trade and investment opportunities between the two countries.
Deputy Prime Minister Tan Sri Muhyiddin Yassin and Australian Prime Minister Julia Gillard both voiced their commitment to conclude negotiations by next year.
“We have secured a lot of investments (from Australia) over the years but the FTA will move us to a higher level of business,” Muhyiddin said at a joint press conference with Gillard here yesterday.
The Australian PM arrived here on Sunday night for a two-day visit, her first official trip to a foreign country since being elected in June.
She was accorded an official welcome at the Perdana Putra Square here yesterday. Gillard was received by Muhyiddin, who represented Prime Minister Datuk Seri Najib Tun Razak who is ill with chicken pox. She left for Indonesia yesterday afternoon.
Muhyiddin said Malaysia was impressed with the strong growth in bilateral trade with Australia, which increased to US$7bil (RM21.7bil) between January and August, compared to the US$5.4bil (RM16.7bil) over the corresponding period last year.
“We are also happy with the strong flow of investments to Malaysia from 1980 to August this year which amounted to US$6.91bil (RM21.4bil) with a total of 472 approved manufacturing projects.
“To date, 289 projects have been implemented, creating more than 18,000 jobs,” he said.
Regarding a proposal by Australia to set up a regional refugee processing centre in Timor Leste, Muhyiddin said Malaysia wanted to see how the mechanism would work and whether the parties involved would need to contribute to the cost of setting up the centre.
Muhyiddin, who is Education Minister, said his talks with Gillard also touched on issues of higher education and vocational training.
Gillard said her presence in Malaysia showed Australia’s as well as her personal commitment towards continuing the good economic ties and relations between the two countries.
