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October 27, 2009 21:22 PM
Malaysia And New Zealand To Determine Date For Implementing FTA
KUALA LUMPUR, Oct 27 (Bernama) -- Malaysia and New Zealand are working to determine the earliest possible date to implement their free trade agreement (FTA), preferably by next year.
Malaysia is hopeful that implementation of the FTA will provide much needed impetus for engagement of the private sectors of both countries, said the Ministry of International Trade and Industry (MITI).
It said in a statement that this was discussed when New Zealand's Trade Minister Tim Groser called on International Trade and Industry Minister Datuk Mustapa Mohamed Tuesday.
Besides the Malaysia-New Zealand FTA, the ministers also exchanged views on the Asean-Australia-New Zealand FTA, Asean and regional integration, developments in the World Trade Organisation (WTO), and Malaysia's economy and Budget 2010.
The Malaysia-New Zealand FTA was signed in Kuala Lumpur on Monday.
Substantive areas of the bilateral agreement are trade in goods, customs cooperation, trade remedies, trade in services, movement of natural persons investment, intellectual property, economic cooperation and dispute settlement.
The Asean-Australia-New Zealand FTA which will be implemented on Jan 1, 2010, and Malaysia welcomed New Zealand's proposal to work more collaboratively with Asean, MITI said.
"Malaysia has always been receptive of proposals that serve to foster bilateral and regional ties with a view to provide an enabling and pro-business environment for the private sectors," it said.
Malaysia, like New Zealand, remained committed to the conclusion of the Doha Round, MITI said.
"Concluding the Doha negotiations would provide immediate benefit to world trade, through greater market openings and reduction in trade barriers," it said.
MITI also said that the two ministers in their discussion emphasised that trade restricting or protectionist measures should be avoided.
"Malaysia's and New Zealand's domestic markets are relatively small. Thus, businesses in both countries should leverage on each other's strengths and consider joint ventures and smart partnerships to access opportunities not only in our two countries but also to third countries," it said.
-- BERNAMA
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