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Malaysia should be seen as a gateway for Australian businesses to ASEAN — MABC

Malaysia should be seen as a gateway for Australian businesses to ASEAN — MABC

03 Mar 2023

Malaysia plays an important role within Asean and should be seen as a gateway for Australian businesses to over 600 million people living in the region, the Malaysia Australia Business Council (MABC) said.

In a statement today, the council said Australia and Malaysia have long-standing economic ties with bilateral trade between the two countries worth over 15 billion Australian dollars (1 Australian dollar=RM3.02) in 2021 with Australia is Malaysia’s sixth-largest trading partner and seventh-largest export destination.

It said the recent visit by Australia’s Minister of Foreign Affairs and Trade Penny Wong has contributed to the advancement of the business ecosystem that existed between Malaysia and Australia.

MABC said the council continued to support the efforts of the minister in advancing significant trade and economic links and the close ties between the two countries.

It said the high-level meetings that took place, which included Prime Minister Datuk Seri Anwar Ibrahim, are testimony to the mutual respect accorded between Malaysia and Australia.

The council said the meetings held with Minister of Foreign Affairs Datuk Seri Zambry Abd Kadir and Minister of Economy Rafizi Ramli were equally important.

“The Malaysia Australia Business Council appreciates the reaffirmation of our shared priorities under our Comprehensive Strategic Partnership and the promise it represents for businesses in both countries.

“The two countries have Malaysia-Australia Free Trade Agreement (Mafta) in place, which has facilitated increased trade, and Australia is listed as one of Malaysia’s top five trading partners.

It said Mafta is a comprehensive, high-quality agreement that further integrated the Australian economy into the fast-growing Malaysian economy.

It added that the agreement entered into force on Jan 1, 2013 and built on benefits already enjoyed by Australian and Malaysian businesses from the Asean-Australia-New Zealand Free Trade Agreement (AANZFTA).

MABC was established in 1986 as a non-profit organisation providing a range of services to its members based in both Malaysia and Australia.

Supported by its co-patrons, the Malaysian Minister of International Trade and Industry and the Australian High Commissioner to Malaysia, the MABC plays a critical role in advancing bilateral trade and investment.

Source: Bernama