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Malaysia, New Zealand to launch trade pact in August

Saturday, 31 July 2010 10:24

Malaysia and New Zealand's free-trade pact will come into effect on August 1, Malaysia's Trade Minister Mustapa Mohamed announced Friday.

The free-trade agreement (FTA), which was signed in Kuala Lumpur on 26 October, will liberalise and facilitate trade in goods, services and investment between the two countries.

Mustapa said FTA with New Zealand was Malaysia's third bilateral FTA, after Japan and Pakistan, and extended Malaysias FTA network to the Oceanic region.

Malaysia is New Zealands eighth-largest export destination, accounting for almost a billion dollars of exports in 2008.

Under the agreement, Malaysia and New Zealand will progressively reduce or eliminate tariffs on their respective industrial and agricultural products by 2016.

Malaysian exporters will enjoy free duty on cocoa products, carpet, tyres, margarine, steel wire, iron products and wood furniture.

Imports from New Zealand into Malaysia will enjoy zero or lower duties for paper, plastics, automotive components, veneer, and chemical products.

Both countries had agreed to cooperate on education, forestry, health, biotechnology and the manufacturing sector as part of the deal.

Malaysia's total trade with New Zealand in 2008 reached 1.8 billion dollars with exports of 1.1 billion dollars and imports of 800 million dollars.

AFP

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