Malaysia-Australia Free Trade Accord A Win-Win For Both Countries

MELBOURNE, June 4 (Bernama) -- An Australian senator has welcomed the recent signing of the Malaysia-Australia Free Trade Agreement (MAFTA) as a win-win for both countries. Lisa Singh, a Labour Party Senator from the state of Tasmania said Malaysia was already Australia's 10th largest trading partner. "MAFTA is about deepening that engagement and removing the barriers to doing business and building relationships between the two countries. "More and more, Australians and Malaysians are working together. Australian companies operate in Malaysia, and Malaysians seek the skills of our business leaders and professionals. "MAFTA increases the number of Australians allowed to live and work in a range of sectors like finance to architecture in Malaysia and allows them to stay for longer periods," she said. Lisa Singh, who is of Indian Fijian and Anglo-Saxon heritage, said this was especially important for Australian higher education institutions that have facilities in Malaysia, like Monash and Curtin universities. "Australian service providers will now be able to increase their ownership in education services to 70 per cent by 2015, moving to 100 per cent by 2015. "Malaysia has also raised the limit on Australian lecturers at a single institution from 20 to 30 per cent, meaning that it's easier and more profitable to take the expertise of our higher education sector to Malaysia," she added. Lisa Singh said MAFTA would strengthen ecotourism accreditation used by Australian tourists while Malaysia would work with Australian scientists to reduce the carbon emissions of the region. "While economists have sometimes criticised bilateral free trade agreements for diverting rather than boosting trade, this one has been crafted with an eye to our long-term goal of free trade in the Asia-Pacific," she said. Lisa Singh said opening international markets has long been an Australian aspiration. "In the 1980s, we established the Cairns Group of agricultural free-trading nations and in the 1990s we set up the Asia Pacific Eeconomic ooperation Leaders' Meetings. "Australia has had a strong preference for multilateral free trade agreements. But with the Doha negotiations at the World Trade Organisation having stalled, Australia has championed regional trade freedom," she said. Lisa Singh said MAFTA was one part of that. The other is the negotiation of the Trans-Pacific Partnership. "A stepping stone to the APEC goal of a free trade area across the Asia Pacific, the Trans-Pacific Partnership allows other countries to 'bolt on' at a later date. "As an island nation, Australia depends on trade for our prosperity. By reducing our tariffs, we help our consumers. By improving market access into Asia, we boost wages and create jobs. "The Malaysian-Australian agreement is a down payment on the opportunities that will flow to Australia in the Asian century," she added. -- BERNAMA