Matrade CEO Explores FTA Opportunities in Australia

By Neville D'Cruz MELBOURNE, June 29 (Bernama) -- Malaysia is to step up its drive to find new trade opportunities in Australia in the wake of the recently-signed free trade agreement (FTA) between the two countries, Dr Wong Lai Sum, Chief Executive Officer of the Malaysian External Trade Development Corporation (MATRADE), said here on Friday. Wong, who had meetings with business and corporate leaders here, said several industries in Australia offer Malaysians opportunities to source markets. "The building and construction sector in Australia is a lucrative market and needs a lot of products which we can supply, especially to the rich mining towns in the states of Western Australia, Queensland and South Australia. "With MAFTA (Malaysia Australia Free Trade Agreement) it will make it easy for our companies to venture into the Australian market," she said. Wong, who was accompanied by Matrade Director Ong Yew Chee, said the cross flow of investments would open the door to trade liberalisation between the two countries. She said MAFTA could see more Australian interest in Malaysia in areas such as banking and finance, law, business consultancy, architecture and insurance. Wong, who also visited the DesignBUILD 2012, Australia's leading building design trade expo in which seven Malaysian companies are taking part, said she was encouraged by the support from the Malaysian Consul General here, Dr Mohd Rameez Yahaya. Rameez, an honourary member of the Australia Malaysia Business Council (AMBC) Victoria chapter, said in the absence of a Malaysian trade presence here, his consulate would be most willing to continue attending to any bilateral trade inquiries. The MAFTA guarantees tariff-free entry for 97.6 per cent of current goods exports. This will rise to 99 per cent by 2017. At the three-day expo, which ended here on Friday, more than 250 leading suppliers showcased a wide range of building materials, from planning to post construction, including advancements in sustainable design technologies. -- BERNAMA