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Malaysia New Zealand Free Trade Agreement

Total trade with New Zealand was $5.46 billion.RM ($1.31 billion) down 22.4% in 2015 from $7.03 billion.RM ($1.80 billion). Malaysia is one of our fastest growing export markets and our sixth largest trading partner for products. In 2014, two-way merchandise trade totaled more than $3 billion. Documents relating to the free trade agreement, including the full text of the agreement, are available on the website of the New Zealand Ministry of Foreign Affairs. (Malaysia – Free Trade Agreement with New Zealand, October 28, 2009, available at mfat.govt.nz/Trade-and-Economic-Relations/Trade-Agreements/Malaysia/index.php.) New Zealand Prime Minister John Key said the free trade agreement was “a significant step forward in relations with Malaysia and further evidence of our economic integration with Asia.” (Press release, Hon. John Key, PM Welcomes NZ-Malaysia FTA Signing (October 27, 2009), available on www.beehive.govt.nz/release/pm+welcomes+nz-malaysia+fta+signing.) Calendar: Negotiations began in 2005, the agreement signed in October 2009 came into force in August 2010, a free trade agreement (FTA) is an international agreement between two or more countries to reduce or remove trade barriers and promote economic integration. (November 6, 2009) The trade ministers of New Zealand and Malaysia signed a free trade agreement in Kuala Lumpur on 26 October 2009, after ten rounds of negotiations over a four-year period. The free trade agreement builds on the commitments made by the two countries under the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) signed in February 2009. The bilateral free trade agreement includes measures in the areas of trade in goods and services, customs cooperation, intellectual property, free movement of businesses, investment, economic cooperation and dispute settlement. The two countries have also signed agreements on trade, labour and trade and the environment, which complement the free trade agreement. (Ministry of Foreign Affairs and Trade, THE NEW ZEALAND – MALAISIA FREE TRADE AGREEMENT (Oct.

2009), available from www.mfat.govt.nz/downloads/trade-agreement/malaysia/mnzfta-guide-to-fta.pdf.) Bilateral trade between New Zealand and Malaysia was $1.9 billion in 2008, an increase of 46.2% over 2007. (Trade Between New Zealand and Malaysia Expected to Soar Next Year, Bernama [Malaysian National News Agency], 26 October 2009, available at www.bernama.com/bernama/v5/newsindex.php?id=450013.) Malaysia is New Zealand`s eighth largest export destination and the ASEAN region`s largest trading partner. Exports to Malaysia have increased by more than 80% over the past four years.