Trade Minister Todd McClay and Malaysian Minister of International Trade and Industry YB Dato’ Sri Mustapa Mohamed met at APEC in Lima today to conclude the first General Review of the Malaysia-New Zealand Free Trade Agreement (MNZFTA).
The FTA entered into force on 1 August 2010.
“The strong trade and investment flows between the two economies are underpinned by a close and cooperative working relationship,” says Mr McClay.
“It is a solid platform to develop further trade and investment opportunities in both our countries.”
The Review Report concludes that the operation and implementation of the Agreement is serving the Agreement’s objectives to strengthen Malaysia and New Zealand’s bilateral relationship and to liberalise and expand bilateral trade.
“Both Malaysia and New Zealand have delivered on their commitments around tariff elimination, services liberalisation, and the treatment of investments,” says Mr McClay.
New Zealand’s goods exports to Malaysia increased by 34 per cent from NZ$705 million in 2009 to NZ$943 million in 2015.
Malaysia’s goods exports to New Zealand increased by 70 per cent from NZ$0.9 billion in 2009 to NZ$1.46 billion in 2015.
Services exports, investment flows and visitor numbers have also all increased since MNZFTA’s entry into force.
“Both Minister Mustapa and I are confident that the FTA will continue to develop and deepen the trade, investment and economic links between Malaysia and New Zealand,” says Mr McClay.