Australia moves closer to free-trade deal with M'sia
A free-trade deal between Australia and Malaysia moved a step closer Friday when the Australian Parliament passed legislation allowing its passage into law.
A free-trade deal between Australia and Malaysia moved a step closer Friday when the Australian Parliament passed legislation allowing its passage into law.
The Malaysia-Australia Free Trade Agreement, signed in May, is now due to take effect next year.
The deal would see duty-free entry for 98 per \cent of the types of Australian goods currently exported to Malaysia. Malaysia would be able to export all goods to Australia free of duty.
Australia has free-trade deals with New Zealand, Singapore, Thailand and the United States and is negotiating deals with Japan and China.
Trade between Malaysia and Australia was worth 16 billion US dollars last year, a 60-percent increase on 2010.
In addition to trade, more than 250,000 Malaysians have attended universities in Australia, with around 20,000 currently enrolled. More than 500,000 Australians visited Malaysia last year, mostly on holiday.
- DPA


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