New Zealand's Trade Minister Tim Groser has welcomed news from Kuala Lumpur, Malaysia, that negotiations for the New Zealand-Malaysia Free Trade Agreement (FTA) have been successfully concluded.
"This FTA is great news for New Zealand. Our negotiators have secured a high quality, comprehensive FTA that provides commercially meaningful benefits to New Zealand businesses," Mr Groser announced, adding:
"Malaysia is our seventh largest trading partner - last year we exported nearly a billion dollars worth of goods to Malaysia with two-way trade worth nearly three billion. Goods exports alone have grown 34% a year since 2005."
"Improved market access and greater certainty for New Zealand goods and services exporters and investors are just some of the benefits achieved. These benefits are over and above those already secured under the recently signed ASEAN - Australia - New Zealand Free Trade Area (AANZFTA) Agreement," he continued, remarking further:
"It is an important signal that in the midst of the global financial crisis and the creeping tendency towards protectionism internationally, Malaysia and New Zealand have reaffirmed our commitment to trade liberalization. This will help boost exports, and increase job opportunities and growth in both our countries."
"But our interests are much broader than trade. New Zealand and Malaysia have strong links, particularly in education and defence. We work closely together in the region and in the Commonwealth. The FTA will be a new and exciting development."
As with the China FTA and, more recently, AANZFTA which was concluded in August last year, both Malaysia and New Zealand will now be undertaking legal and technical verification of the texts and the associated schedules.
Once this has been completed, domestic approval processes also need to take place before a finalized document can be put forward for signature.
Upon signature, full details of the FTA will be made publicly available. Both sides remain confident that these processes are on track for the signing of this comprehensive, high-quality, and balanced agreement this year.
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