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29 October2009

FTA to boost Malaysia-New Zealand trade

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Malaysian Prime Minister Najib Razak said the trade figure between New Zealand and Malaysia will increase further next year following the signing of their free trade agreement (FTA) Monday.

Bilateral trade between the two countries increased by 46.2 percent to $1.9 billion last year from $1.3 billion in 2007, reported Indonesia’s national news agency Antara.

Najib said the signing of the agreement signified a great political desire to bring the long standing relationship between the two countries to a higher level.

The two countries signed a free trade agreement Monday after four years of talks, seeking to bolster $1.8 billion in bilateral trade as the global economy recovers from its slump.

Under the agreement, which takes effect next year, Malaysia will progressively eliminate import taxes on 10,293 products from New Zealand, including paper, plastics and automotive components, by 2016. New Zealand will scrap the import levy on all 7,238 products imported from Malaysia by 2016, including cocoa products, carpets and tires.


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