Free trade account australia malaysia

With the development of the Multimedia Super Corridor MSC in Malaysia, and the growth of e-commerce and related services in Australia, natural opportunities are beginning to emerge. Australia is now recognised as a world class service provider. From financial services to healthcare, telecommunications to engineering, Australia is now in a position to provide leading edge technology and highly skilled workers to the Malaysian market, providing Australian industry with increased opportunities in all aspects of the IT-economy.

Tourism remains an important aspect of our commercial links. Malaysian Airlines is now one of the key carriers on the busy Europe-Australia route. Malaysia and Australia offer different but complementary options for northern hemisphere tourists.

Both sides could work more actively to jointly maximise the benefits of this growing tourist trade, which will intensify in the lead up to the Sydney Games and beyond. Last year, nearly , Malaysians visited Australia, up from , the year before.

Last month, John Moore, the Minister for Defence, visited Malaysia for bilateral and regional security discussions. I am pleased to be able to announce today that my Department, with the support of the WA Government will showcase Western Australia's Black Swan Theatre company in Malaysia, by sponsoring performances at the Alumni Convention. I am also hoping to visit Malaysia later this year to co-chair the third Joint Trade Committee meeting with my counterpart Minister Rafidah.

I look forward to your contribution towards developing the agenda and outcomes for that meeting. A key regional interest being pursued by the government this year is the proposal for a free trade area between ASEAN countries, including Malaysia, and Australia and New Zealand.

We have been encouraged by the work to date of the Task Force, in exploring this issue and I commend Tim Fischer for the work he has done as Australia's representative. I will be working for a positive outcome at the Chiang Mai meeting to progress this exciting initiative.

If the proposal for an FTA were implemented, it would lead to an open market of over million people, of which Malaysia would be an important part. It would be a tremendous boost to our trade and export links with the region which is a priority for this Government.

In particular, we should build on the strong foundations already in place to consolidate our commercial links in the years ahead. The business community has a key role to play in taking advantage of the shared interests and common goals evident in our relationship. Archived from the original on 2 May Retrieved 15 March The Sydney Morning Herald.

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However, wine does not feature in the free trade agreement due to sensitivities surrounding alcohol in Malaysia. Singapore is another wine market made up entirely of imports. Our five-year average growth rate is also at a steady seven per cent. Average per capita consumption for Singapore is 2. However, growth in the value of wine consumption is expected to continue until at least Most alcoholic beverages in Singapore are sold through the more traditional on-trade channels such as bars, hotels and restaurants.

In recent years, wine has become the exception to this and off-trade sales of wine now account for 70 per cent by volume Euromonitor. However, alcohol is one of the few imports to which a duty is attached in Singapore, making it an expensive commodity.