A Malaysian Trade and Investment Mission is currently in Australia, led by the Minister Datuk Darell Leiking, The Mission comprises officials from the Ministry of International Trade and Industry (MITI), Malaysian Investment Development Authority (MIDA), Malaysia External Trade Development Corporation (MATRADE), Malaysia Automotive, Robotics and IoT Institute (MARii), InvestKL Corporation and EXIM Bank. During the mission, Minister Darell is scheduled to meet with top officials from the Federal Government of Australia as well as senior officials from the State Government of South Australia and Victoria. A Joint Trade Commission (JTC) Meeting will be held on 20 August 2019 which was cochaired by Minister Darell and his counterpart from Australia, Simon Birmingham, Minister of Trade, Tourism and Investment. In 2018, Australia was Malaysia’s 11th largest overall global trading partner and largest among Oceania countries. The total trade between both countries was recorded at RM55.13 billion in 2018
At a Business and Investment seminar in Melbourne today, Minister Leiking said ASEAN has made considerable progress in the implementation of the ASEAN Economic Community (AEC) Blueprint 2025. He said economic integration is a dynamic process and the AEC Blueprint 2025 is being implemented through the work plans of various sectoral bodies in ASEAN. “These sectoral work plans are reviewed and updated periodically to ensure their relevance and effectiveness,” he told Bernama in an interview at the “Business and Investment Opportunities in Malaysia as the Gateway to ASEAN” seminar. He said the ASEAN chairmanship that is rotated among the member states every year would prioritise deliverables to be completed annually, adding that the association has made considerable progress towards achieving these deliverables. The Minister added that key achievements include the elimination of intra-ASEAN tariffs and intensification of efforts to enhance trade facilitation and address non-tariff measures in the bloc.
He said seven ASEAN member states have also joined the live operation of the ASEAN Single Window that facilitates the electronic transmission of certificate of origin for the purpose of claiming preferential duties by importers, and the remaining member states are expected to come on board within the year. “The association has also worked on deepening services and investment integration in the region. “Two key agreements were signed at the 25th ASEAN Economic Ministers’ Retreat on April 23 this year, namely the ASEAN Trade in Services Agreement and the Fourth Protocol to Amend the ASEAN Comprehensive Investment Agreement,” he said. He said the agreements provide for greater liberalisation of the services sector and reduce the number of performance requirements imposed on intra-ASEAN investments. The seminar, themed “Malaysia-Australia: Leveraging Partnership, Bridging Opportunities”, was co-organised by MIDA and MATRADE in conjunction with the trade and investment mission to Australia The seminar attracted 221 participants, including manufacturers, professional and business service providers, real estate developers, traders, chambers and industry associations as well as government officials.