Malaysia signs trade deal with NZ
Malaysian Prime Minister Najib Razak and New Zealand Prime Minister John Key have signed a free trade agreement on behalf of their respective countries, following four years of negotiations. The trade deal covers goods, services and investment.
Razak said he hoped the FTA would make Malaysia an attractive investment hub for New Zealanders, as well as acting as a gateway to the South East Asian region.
Key called the agreement an important milestone. “For New Zealand, it is our eighth-largest trading partner and we see tremendous opportunities for New Zealand companies in Malaysia and vice versa. We are looking forward to expanding the relationship,” he said.
The deal will mean scrapping import duties on more than 10,000 Malaysian tariff lines by 2016, while New Zealand will look to eliminate duties on all of its 7,238 tariff lines in the same period.
The FTA is expected to come into force next year.
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