ID :
85905
Sat, 10/24/2009 - 14:37
Auther :
Shortlink :
https://oananews.org//node/85905
The shortlink copeid
FTA MARKS NEW MILESTONE IN MALAYSIA-NZ RELATIONSHIP
By Ahmad Shukran Bin Shaharudin
WELLINGTON, Oct 23 (Bernama) -- The Malaysia-New Zealand Free Trade
Agreement (MNZFTA), scheduled to be signed on Monday, will mark a new milestone
in relationship between the two countries who have had bilateral ties
since the 1950's.
New Zealand Prime Minister John Key is to visit Malaysia and sign the deal
with his Malaysian counterpart, Najib Tun Razak.
The Malaysian High Commissioner to New Zealand, Hasnudin Hamzah said
Key's inaugural visit to Kuala Lumpur, also highlighted the importance of
Malaysia in his country's business and investment opportunities abroad.
"Key is bringing along a 70-strong delegation and this shows the importance
New Zealand businessmen attach to Malaysia," he told Bernama here
Friday.
Hasnudin said the FTA would open up opportunities for stronger investment
and economic ties, as what New Zealand Trade and Conservation Minister Tim
Groser, is looking forward to.
The FTA signing comes into force in January 2010.It is in line
with the Asean/New Zealand FTA that is also effective from January.
The bilateral agreement for which discussions started in 2005,involves
goods,services, investment and customs procedures as well as economic
cooperation.
New Zealand's main exports to Malaysia are processed food, iron and steel
and paper and pulp products.Malaysia's top exports are electrical and electronic
products.
Malaysia is the seventh largest trading partner of New Zealand which
exported nearly NZ$1 billion (RM2.3 billion) to the country in 2008 with two-way
trade worth nearly NZ$3 billion (RM6.9 billion).
Hasnudin suggested that Malaysian businessman could capitalise on this,
especially by interacting and understanding the culture of business in New
Zealand and more importantly, bring this expertise back home.
"This is to meet New Zealand's recognised international standards and
technical know how. Although the New Zealand market is small, the country is
also the gateway to the Pacific," he said.
Hasnudin said apart from the FTA, there were two other sideline agreements,
the Malaysia-New Zealand Agreement on Labour Cooperation (LCA) and Environment
Cooperation Agreement (ECA),which are an integral part of it and signed here
recently.
The ECA is mainly to establish a constructive framework for dialogue and
cooperation on environmental issues of mutual interest in four areas --
climate change, forestry, sustainable forest management and renewable energy
and biodiversity.
The LCA is aimed at establishing a constructive framework for dialogue and
cooperation on labour related policies such as the workforce, work place health
and safety, welfare and worker training.
"The signings will allow the Ministry of Human Resources to step up
cooperation with New Zealand on labour policy issues of mutual
interest," Hasnudin said.
Malaysia is now actively negotiating bilateral deals with India, Chile and
Australia. It already has bilateral FTAs, in the form of economic partnerships,
with Japan and Pakistan.
-- BERNAMA
WELLINGTON, Oct 23 (Bernama) -- The Malaysia-New Zealand Free Trade
Agreement (MNZFTA), scheduled to be signed on Monday, will mark a new milestone
in relationship between the two countries who have had bilateral ties
since the 1950's.
New Zealand Prime Minister John Key is to visit Malaysia and sign the deal
with his Malaysian counterpart, Najib Tun Razak.
The Malaysian High Commissioner to New Zealand, Hasnudin Hamzah said
Key's inaugural visit to Kuala Lumpur, also highlighted the importance of
Malaysia in his country's business and investment opportunities abroad.
"Key is bringing along a 70-strong delegation and this shows the importance
New Zealand businessmen attach to Malaysia," he told Bernama here
Friday.
Hasnudin said the FTA would open up opportunities for stronger investment
and economic ties, as what New Zealand Trade and Conservation Minister Tim
Groser, is looking forward to.
The FTA signing comes into force in January 2010.It is in line
with the Asean/New Zealand FTA that is also effective from January.
The bilateral agreement for which discussions started in 2005,involves
goods,services, investment and customs procedures as well as economic
cooperation.
New Zealand's main exports to Malaysia are processed food, iron and steel
and paper and pulp products.Malaysia's top exports are electrical and electronic
products.
Malaysia is the seventh largest trading partner of New Zealand which
exported nearly NZ$1 billion (RM2.3 billion) to the country in 2008 with two-way
trade worth nearly NZ$3 billion (RM6.9 billion).
Hasnudin suggested that Malaysian businessman could capitalise on this,
especially by interacting and understanding the culture of business in New
Zealand and more importantly, bring this expertise back home.
"This is to meet New Zealand's recognised international standards and
technical know how. Although the New Zealand market is small, the country is
also the gateway to the Pacific," he said.
Hasnudin said apart from the FTA, there were two other sideline agreements,
the Malaysia-New Zealand Agreement on Labour Cooperation (LCA) and Environment
Cooperation Agreement (ECA),which are an integral part of it and signed here
recently.
The ECA is mainly to establish a constructive framework for dialogue and
cooperation on environmental issues of mutual interest in four areas --
climate change, forestry, sustainable forest management and renewable energy
and biodiversity.
The LCA is aimed at establishing a constructive framework for dialogue and
cooperation on labour related policies such as the workforce, work place health
and safety, welfare and worker training.
"The signings will allow the Ministry of Human Resources to step up
cooperation with New Zealand on labour policy issues of mutual
interest," Hasnudin said.
Malaysia is now actively negotiating bilateral deals with India, Chile and
Australia. It already has bilateral FTAs, in the form of economic partnerships,
with Japan and Pakistan.
-- BERNAMA
