Latest news with #MAFTA
The Star
16 hours ago
- Business
- The Star
Malaysia continues to forge trade, investment ties with global strategic partners, says Tengku Zafrul
KUALA LUMPUR: The recent meetings between Prime Minister Datuk Seri Anwar Ibrahim and high-level foreign leaders from Australia, Pakistan, Turkiye and Palestine underlined Malaysia's commitment to strengthening trade and investment ties with strategic partners from multiple continents, says Tengku Datuk Seri Zafrul Abdul Aziz. The Investment, Trade and Industry Minister said their discussions covered various strategic initiatives, from the review of free trade agreements (FTAs), including the Malaysia-Australia Free Trade Agreement (MAFTA) and the Malaysia-Pakistan Closer Economic Partnership Agreement (MPCEPA). He said this also included the expansion of the Malaysia-Turkiye Free Trade Agreement (MTFTA) to the services and investment sectors, as well as continued support for the Palestinian economy. "We also urge the active participation of all these countries in the Malaysia International Halal Showcase (MIHAS) 2025, the world's largest halal platform, as well as exploring opportunities in high-tech (technology) and sustainable sectors such as renewable energy, the digital economy, and the halal industry. "Our aim is clear - to drive economic growth that is inclusive, resilient, and brings shared prosperity," he said in a post on X (formerly known as Twitter) Saturday (July 12). - Bernama
The Sun
a day ago
- Business
- The Sun
Malaysia strengthens global trade ties with key partners
KUALA LUMPUR: Malaysia is reinforcing its economic partnerships with strategic global players, including Australia, Pakistan, Turkiye, and Palestine, as part of its commitment to fostering inclusive and resilient growth. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted recent high-level discussions aimed at expanding trade agreements and exploring new opportunities in key sectors. The talks included a review of existing free trade agreements such as the Malaysia-Australia Free Trade Agreement (MAFTA) and the Malaysia-Pakistan Closer Economic Partnership Agreement (MPCEPA). Additionally, efforts are underway to broaden the Malaysia-Turkiye Free Trade Agreement (MTFTA) to include services and investment sectors. Tengku Zafrul also emphasised Malaysia's continued support for the Palestinian economy, aligning with broader diplomatic and economic objectives. He encouraged active participation from these nations in the Malaysia International Halal Showcase (MIHAS) 2025, the world's largest halal trade event. The minister pointed to emerging sectors like renewable energy, the digital economy, and high-tech industries as areas for deeper collaboration. 'Our aim is clear -- to drive economic growth that is inclusive, resilient, and brings shared prosperity,' he stated in a post on X. - Bernama
New Straits Times
19-05-2025
- Business
- New Straits Times
Australia negotiating with Malaysia to boost halal export trade
KUALA LUMPUR: Australia is negotiating with Malaysia on a strategic partnership to boost its halal meat export industry. Australian High Commissioner to Malaysia Danielle Heinecke said the outcome of the negotiation will be important going forward, not just in terms of comparative advantage in agriculture, but also the technology around agriculture, and Malaysia's aspirations around the halal industry. "There are lots of opportunities and we hope to finalise the partnership via negotiations that we have been working on for a little while with Malaysia," she said after Bernama TV's "The Nation: Diplomatic Dispatch" programme titled "Australia–Malaysia: Partners in a Changing Indo-Pacific". The High Commissioner said that some 17 Australian meat exporters registered with the Department of Islamic Development (JAKIM), which meet the department's high halal standards, are exporting to Malaysia. Last year, Australia exported 38,220 tonnes of halal sheep meat and 13,511 tonnes of halal beef and veal into Malaysia, valued at US$249.26 million and US$120.83 million (US$1 = RM2.75), respectively, according to figures provided by the High Commission. Malaysia is also Australia's second-largest red meat export market in Southeast Asia after Indonesia in terms of volume, according to "Meat and Livestock Australia", a publication providing a market snapshot of beef and sheepmeat exports to Malaysia. The publication also said that Malaysians have the highest per capita beef consumption among Asean countries at 8.8kg per person in 2024. Heinecke said that economic ties between both countries have been further strengthened by the Malaysia-Australia Free Trade Agreement (MAFTA), which facilitates trade in goods, services, as well as investments. Malaysia is Australia's second-largest trading partner in Asean and its 10th-largest partner overall, with total trade in 2023–2024 valued at US$33 billion. Australia's economic and trade relationship with Malaysia is mature, comprehensive and complementary, said Heinecke. "In 2023–2024, Malaysia was our second-largest two-way trading partner among Asean member states and 10th-largest partner overall," she said. There are several established Australian retail brands in Malaysia, including Aesop, Arnott's, Blackmores, Boost Juice, Cotton On, Harvey Norman and King Living. Earlier during the programme, she said Canberra was intensifying its economic engagement in Southeast Asia, particularly through targeted trade and investment missions. "We are bringing a trade and investment mission here centred around Energy Asia and also exploring opportunities within the Johor-Singapore Special Economic Zone," she said, adding that Australia is the fourth-largest digital tech investor in Malaysia. She cited successful Malaysian ventures in Australia, including Gentari's renewable energy projects and Gamuda's high-tech transport infrastructure initiatives, as two-way economic engagement that benefits both countries. Besides MAFTA, Malaysia and Australia are also members of the Asean-Australia-New Zealand Free Trade Agreement (AANZFTA), the Regional Comprehensive Economic Partnership (RCEP), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). — BERNAMA
