The Malaysia-Australia Free Trade Agreement (MAFTA) has delivered benefits for Australian businesses and consumers since it entered into force on 1 January 2013. Two-way trade has grown by 34 per cent between 2012 and 2018 to reach $24.2 billion in 2018, making Malaysia Australia’s 10th largest trading partner. Two-way investment grew 11 per cent over the same period to reach $32.4 billion in 2018.
At the 18th Australia-Malaysia Joint Trade Committee in August 2019, the Australian and Malaysian Trade Ministers directed officials to convene the inaugural MAFTA FTA Joint Commission (FJC) in early 2020, to stocktake bilateral trade and investment issues, including the parameters of a future general review of the Agreement.
To inform discussions at the first FJC meeting, the Department of Foreign Affairs and Trade (DFAT) is calling for submissions from businesses and relevant organisations. Submissions may include stakeholder views and assessments of the impact of MAFTA on businesses or other groups in the community since the FTA entered into force. Views on any remaining barriers to trade or investment in Malaysia which might be addressed through a review of the Agreement are also welcomed. DFAT is particularly interested in hearing from businesses about how MAFTA may have affected their trade in specific goods, services or investment in Malaysia, and would welcome product or service-specific examples.
More information on the benefits available to Australian business under MAFTA is available on the FTA Portal website at dfat.gov.au/fta/mafta