Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
New cooperative ventures between Australia and Malaysia.

Download PDFDownload PDF

Home Biography Department Speeches Media Releases Transcripts

Media release

Tuesday, 30 July 2002 / MVT88/2002

New Cooperative Ventures Between Australia and Malaysia

Trade Minister Mark Vaile has completed an important bilateral visit to Malaysia, holding trade talks with his counterpart YB Dato’ Seri Rafidah Aziz, Minister for International Trade and Industry and YB Datuk Effendi Norwawi, Minister for Agriculture, and delivering key messages on the business relationship.

Mr Vaile told an audience of Australian and Malaysian business leaders in Kuala Lumpur that while bilateral trade and economic relations were already strong and diverse, there were further opportunities and cooperative ventures of mutual benefit to explore.

“The economies of Australia and Malaysia have significant complementarities. These will underpin the future of our trade and economic cooperation,” Mr Vaile said.

“I witnessed the signing of an agreement between Australian company Blue Care and Malaysian company Sunway Medical Centre to provide health care services in Malaysia. This agreement will open the way for similar deals within the health care sectors of both countries and is a good example of ways we can cooperate for mutual benefit.

“The Partnership in Food business mission I led as part of the visit has played an important part in building links between our food industries.”

Mr Vaile’s discussions with Minister Rafidah focused on practical aspects of the bilateral trade and economic relationship. “We agreed that we would continue to do everything possible to facilitate trade and investment flows, not only between our countries but in the region and beyond,” Mr Vaile said.

“Australia and Malaysia have also agreed to cooperate in the Halal food sector. The statement Minister Rafidah and I signed covers ways to take this forward. This is an exciting area of cooperation which will combine fresh, quality products from Australia with Malaysia’s Halal credentials. Global trade in Halal products is around US$50 billion annually and we want to take full advantage of this market opportunity.”

Mr Vaile and Minister Rafidah also signed the Second Protocol and associated letters to amend our Double Taxation Agreement. “This will further assist trade and investment flows between our two countries, creating the right conditions for business,” Mr Vaile said.

“We also agreed to explore enhanced links in the information industries sector through a Memorandum of Understanding. We have significant links in this sector and an MOU will provide a useful framework for further collaboration in this important sector.”

Two-way trade in goods and services was worth about $A8.1 billion 2001 placing the trade relationship with Malaysia 10th overall. Australia’s goods and services exports to Malaysia were worth $A3.4 billion in 2001 making it Australia’s 12th largest export market. Major exports included copper, aluminium, agriculture and food products (milk and cream), education services and non-monetary gold.

Contact: Mark Croxford (Ministerial) 02 6277 7420

This page last modified: Tuesday, 30-Jul-2002 17:03:56 EST

Local Date: Wednesday, 31-Jul-2002 09:17:05 EST