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22 May 2012| last updated at 02:55PM

Malaysia-Australia FTA comes into force in 2013



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KUALA LUMPUR: The Malaysia-Australia Free Trade Agreement (MAFTA) will come into force on Jan 1, 2013.

 

The talks began in May 2005 and were concluded on March 30, 2012 after 11 rounds of negotiations.
 
In a statement today, the International Trade and Industry Ministry said MAFTA would complement the Asean-Australia-New Zealand FTA and marked an important milestone in both countries' economic relations.
 
Malaysia will progressively liberalise duties for 10,295 tariff lines or 99 per cent of its goods by 2020.
 
Offers from Malaysia include up to 100 per cent foreign equity in the telecommunication sector for service provider licence and up to 70 per cent for network service provider and network facility provider licences.
 
In the financial sector, Malaysia allows up to 70 per cent foreign equity in insurance company and investment bank, and 100 per cent in investment advisory company.
 
Malaysia also allows 70 per cent Australian ownership in corporate advisory and financial planning company. 
 
For the higher education sector, Australians can hold 100 per cent equity by 2015.
 
Meanwhile, Australia offers 100 per cent tariff elimination upon entry into force of the agreement.
 
Australia also allows Malaysian participation in hospital services and hospital support services, and in providing traditional and complementary medicine services. -- BERNAMA

Minister Trade and Competitiveness Australia, Dr. Craig Emerson (right) exchanging documents with Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed during the signing of the Malaysia-Australia Free Trade Agreement (MAFTA) in Kuala Lumpur. -- NSTP pix by Abdullah Yusof

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