Malaysia, Australia To Sign Trade Pact In May

KUALA LUMPUR, Jan 31 (Bernama) -- The Malaysia-Australia Free Trade Agreement (MAFTA) will be signed this May after the conclusion of the talks on the agreement, slated in March, said Minister of International Trade and Industry Mustapa Mohamed. He said the much-delayed agreement, which was mooted in 2005, would be concluded this year as per aspirations of Prime Minister Najib Razak and his Australian counterpart, Julia Gillard, when the former paid an official visit to Canberra. "The challenges and issues that were the stumbling blocks in the agreement's realisation are being resolved one by one," he told reporters after the 16th Malaysia-Australia Joint Trade Committee Meeting here Tuesday. Australian Trade Minister, Craig Emerson, co-chaired the meeting. Mustapa said in any negotations, there would be gaps. "The tasks of the negotitors are to bridge the gaps and I am pleased to inform that this session here has been successful in closing the gap between the two countries. "A number of issues were on the table, including investor dispute settlement, wine, cars, export taxes and finance. "The commitments from both sides are to bridge the gap and we think we have done it," he said. -- BERNAMA