Press Release – Penny Wong’s visit to Malaysia an important step in shared business future

The recent visit by the Hon. Penny Wong, Australia’s Minister of Foreign Affairs and Trade has contributed to the advancement of the business ecosystem that exists between Malaysia and Australia. The high-level meetings that took place which included the Prime Minister, YAB Dato’ Seri Anwar Ibrahim are testimony to the mutual respect accorded between Malaysia and Australia.

The meetings held between Minister of Foreign Affairs His Excellency Dato’ Seri Diraja Dr. Zambry Abd Kadir and the Minister of Economy YB Rafizi Ramli were of equal importance. The Malaysia Australia Business Council appreciates the reaffirmation of our shared priorities under our Comprehensive Strategic Partnership and the promise that it represents for businesses in both countries.

The Malaysia Australia Business Council continues to support the efforts of Minister Penny Wong in advancing significant trade and economic links and the close ties between our peoples. Malaysia plays an important role within ASEAN and should be seen as a gateway for Australian businesses to over 600 million people living in the region.

Australia and Malaysia have long-standing economic ties with bilateral trade between the two countries worth over AUD15 billion in 2021. Australia is Malaysia’s sixth-largest trading partner and its seventh-largest export destination. The two countries have Malaysia-Australia Free Trade Agreement (MAFTA) in place, which has facilitated increased trade, and Australia is listed as one of Malaysia’s top five trading partners.

MAFTA is a comprehensive, high-quality agreement that further integrates the Australian economy into the fast-growing Malaysian economy. The agreement entered into force on 1 January 2013 and builds on benefits already enjoyed by Australian and Malaysian businesses from the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA).

For more than 35 years, the Malaysia Australia Business Council (MABC) has been the leading voice of Malaysian and Australian business. The MABC was established in 1986 as a non-profit organisation providing a range of services to its members based in both Malaysia and Australia. Supported by its co-patrons, the Malaysian Minister of International Trade and Industry and the Australian High Commissioner to Malaysia, the MABC plays a critical role in advancing bilateral trade and investment. Through a full programme of events, business facilitation, advocacy and regular communication, the MABC provides a comprehensive platform for both companies and individuals to successfully do business in Malaysia and Australia.