KUALA LUMPUR: The Malaysia-Australia Business Council (MABC) shared an optimistic outlook on the shared business future for Malaysia and Australia after Australia's foreign minister Penny Wong's recent visit to Malaysia.
MABC said Wong's visit has served as a catalyst for developing the business ecosystem between both countries and appreciates the reaffirmation of shared priorities under the Comprehensive Strategic Partnership (CSP).
MABC vouched to continue supporting Wong's effort in advancing and fostering significant trade and economic links and the close ties of Malaysia and Australia.
"The high-level meetings that took place, which included the prime minister Datuk Seri Anwar Ibrahim, are testimony to the mutual respect accorded between Malaysia and Australia," MABC said in a statement.
Wong arrived in Malaysia on February 27 for a two-day working visit.
MABC indicated that Wong's meeting with foreign minister Datuk Seri Dr Zambry Abd Kadir and economy minister Rafizi Ramli was a significant meeting of the visit.
Australia and Malaysia have long-standing economic ties, with bilateral trade between the two countries worth over AUD$15 billion in 2021.
Several Malaysian companies also play an important role within ASEAN and as a gateway for Australian businesses to over 600 million people in the region.
Australia is Malaysia's sixth-largest trading partner and its seventh-largest export destination.
The two countries have Malaysia-Australia Free Trade Agreement (MAFTA) in place, facilitating increased trade, and Australia is listed as one of Malaysia's top five trading partners.
MAFTA is a comprehensive, high-quality agreement that further integrates the Australian economy into the fast-growing Malaysian economy.