Malaysia-NZ trade set to soar
The Deputy Prime Minister said forging closer bilateral and trade ties with New Zealand was more crucial now in light of the changing global landscape.
'Our shared target to increase Malaysia-New Zealand trade by 50% by 2030 is not only achievable but necessary in a world where regional resilience matters more than ever,' he said during the Asean-New Zealand Business Council Engagement session held here yesterday.
He said trade agreements such as the Malaysia-New Zealand Free Trade Agreement (MNZFTA) and Asean, Australia, New Zealand Free Trade Area (AANZFTA) serve as a catalyst for boosting bilateral trade.
In 2024, he said the trade volume reached RM10.72bil (US$2.34bil), making Malaysia New Zealand's second-largest trading partner within Asean.
'These numbers aren't just statistics; they reflect confidence, connectivity and commitment between our economies,' added Ahmad Zahid, who is in New Zealand for a five-day working visit.
He said the MNZFTA also enabled 99.8% of New Zealand's exports to enter Malaysia duty-free, with the AANZFTA also increasing exports to Asean by nearly 60% since 2010.
'The AANZFTA is working well and should continue to be strengthened. Malaysia has also doubled its usage of AANZFTA benefits, from RM5.8bil in 2016 to RM12.9bil in 2023,' he added.
With the recent upgrade to AANZFTA and the momentum created through the Regional Comprehensive Economic Partnership (RCEP), Ahmad Zahid said that both nations were better positioned to build a fair, modern and sustainable trade architecture.
AANZFTA, a trade agreement between Asean member states, Australia and New Zealand, came into force in 2010 and is a key pillar in both nations' ties with South-East Asia.
The upgrade of AANZFTA came into force on April 21 this year to further reduce export barriers while boosting trade in the region.
Ahmad Zahid said Malaysia was looking at three key areas – sustainability, digital transformation and food security – to deepen trade collaboration between the two countries.
'New Zealand, with 87% of its electricity sourced from renewables, is a leader in green transition. This aligns closely with Malaysia's commitment to achieving net-zero emissions by 2050.
'There is vast space for cooperation in clean energy, carbon markets and low-carbon technology,' he added.
On Malaysia's part, Ahmad Zahid said the MyDigital agenda complements New Zealand's strengths in ICT (information, communication and technology), offering opportunities for joint ventures in AI, smart cities, cybersecurity and digital trade governance.
'The agri-food sector also offers enormous potential. As Asean's middle class grows and consumption patterns shift, New Zealand's reputation for quality, traceability and innovation fits well with Malaysia's strengths in halal certification and regional logistics.'
Ahmad Zahid, who is also Rural and Regional Development Minister, said it was crucial that the bilateral economic partnership continues to be grounded in human connection.
'Thousands of Malaysian students have studied in New Zealand and tourism between our nations continues to thrive.
'These exchanges are not just heartwarming, they are the glue that holds economic ties together, builds trust and creates long-term understanding,' he added.
On economic growth between New Zealand and Asean, Ahmad Zahid said it must be inclusive of micro, small and medium-scale enterprises (MSMEs) so that the latter was not left behind.
To achieve this, he said it must entail improving access to trade finance, digital tools, and capacity building between Asean member states and New Zealand.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
35 minutes ago
- Free Malaysia Today
Govt looks into US request to ease foreign ownership limits
Tengku Zafrul Aziz said trade officials were working to meet the new US tariff deadline of Aug 1, 'but not at the expense of agreeing to every request'. PETALING JAYA : The government is to consult industry leaders over a US request to relax the limits on foreign ownership of companies in some sectors, says investment, trade and industry minister Tengku Zafrul Aziz. Tengku Zafrul said the US had asked Malaysia to consider liberalising the foreign shareholding restrictions in force on some sectors. Many other nations have also received the same request from the US, he said. The minister said the government would need to consult industry leaders in strategic sectors to determine whether these sectors were ready for the caps on foreign equity to be lifted. 'We need to carefully study its potential impact,' he said. Tengku Zafrul pointed out that some sectors did not have such restrictions, while the manufacturing industry was 'nearly all open'. However, foreign equity limits are still being imposed on strategic sectors, he said. 'As you know, Malaysia has equity restrictions for foreign shareholders in certain sectors. There's a request for us to relook or liberalise those sectors. We need to consult those industries, on whether we are ready to relax those equity shareholding restrictions,' he said. However, not all the US requests would be accepted, he said. 'Some of the requests, we feel, may not be fair to Malaysia.' He said trade officials were working to meet US president Donald Trump's new tariff deadline of Aug 1, 'but not at the expense of agreeing to every request'. The Trump administration has said a 25% tariff would be imposed should talks on a trade deal fail. Flexibility on tariffs Tengku Zafrul said there might be room for flexibility on a sector-by-sector basis. 'There will be opportunities for us to negotiate tariffs below 10% for certain sectors. But at the same time, we cannot depend solely on this trade negotiation.' He pointed to the current status of key sectors such as semiconductors and pharmaceuticals, on which no tariffs are imposed. 'For example, pharmaceuticals are in a better position. Right now, tariffs for both the semiconductor and pharmaceutical sectors are at zero. Naturally, we want to maintain that 0% tariff, but whether we can secure it is another matter.' On the potential impact of tariff changes on the Johor-Singapore special economic zone, Tengku Zafrul said investors were holding off until there was greater clarity. 'There seems to be a wait-and-see attitude. Investors are watching how the tariff scenario plays out before recalculating their positions. That calculation can only happen once there's certainty.' Another discussion would be held this week, with talks to be accelerated until the end of the month, he said.
The Star
an hour ago
- The Star
Asean news headlines as at 10pm on Tuesday (July 15)
Malaysia Freedom of Information Bill expected to be tabled by year-end, says Anwar Teen hands over mother's jewellery worth RM140,000 to scammers Cabinet yet to receive official memo on US ambassador pick, says Fahmi Maori community can be a model for Orang Asli tourism, socio-economic development, says Zahid Fighting corruption boosts economic growth, ensures national harmony, says Anwar Integrated Asean supply chain key to tackling US trade policies, says Liew Govt to review Judicial Appointments Commission Act, says Azalina KL ranks 12th globally in QS Best Student Cities 2026 Border control agency tightening security at transit zones to prevent illegal entry Anwar expected to announce judicial appointments July 16 Malaysia to host Smart City Expo KL 2025 in September Australian Foreign Minister Penny Wong honours Sabah, reaffirms commitment to Asean Malaysia's economic model must be readjusted to withstand external pressures, says HR minister MACC nabs two Bangladeshis linked to 'counter setting' syndicate Rock legends Deep Purple are back in Kuala Lumpur after 15 years for a super concert at Mega Star Arena on Nov 23 University stabbing suspect remanded for four days Two Chinese nationals killed in crash on NSE near Tapah MAHB enhances KLIA T1 with RM30mil upgrades to improve passenger experience In the heart of Sabah, Danum Valley is a living jungle like no other No evidence of AI chip smuggling found, says Zafrul Japanese multinational to invest RM500mil in mall expansion in Seremban 2 Tourists can plan their journey around KL with this handy guidebook Loke: PM to announce new Chief Justice after obtaining Malay Rulers' consent Mara to sponsor 100 students bound for NZ varsities S'wak exploring strategic tie-ups in utilities, space industry in China Bali ferry tragedy: Wisma Putra confirms M'sian's death, says all consular processes concluded 'Superman' Syed Saddiq attends birthday party of Bella Astillah's children Singapore Singapore intensifies crackdown on vapes; young suspected Kpod peddlers nabbed in Bishan, Yishun The Violinist, Singapore's first animated historical film, set for August 2026 release Singapore public healthcare institutions to record all Kpod cases, confiscate vapes Singapore researchers get S$25mil grant to screen, treat lung cancer in Asian patients Actor-artist Chen Xi marries Japanese girlfriend in Singapore Singaporean actress Sheila Sim takes hair-cutting course after giving daughter 'awful' haircut S$10mil Toto results to be announced on July 17; no winners in past three draws Thailand Supreme Court hears fourth session on Thaksin's hospitalisation during sentence Thailand delays tourist entry fee till 2026 Golf, the femme fatale embroiled in sex scandal with monks, faces arrest over embezzlement of temple funds Suspended Thai PM asks court for more time to respond to ethics case Thailand unexpectedly delays naming new central bank chief Thai police submit sedition case against Hun Sen to prosecutors Thailand's changing cannabis rules leave farmers in a tough spot French President Emmanuel Macron, right welcoming Indonesia's President Prabowo Subianto at the Elysee Palace in Paris n July 14. - AP Photo Indonesia Indonesia rescues 11 who swam for hours to survive boat capsize Search extended for 17 missing victims in Bali Strait ferry tragedy Indonesian diva and pop princess Bunga Citra Lestari to jive stage with Jaclyn Victor and violinist Dennis Lau for 'love concert' in KL Indonesia trains migrants workers as cultural ambassadors abroad Philippines Magnitude 5.8 earthquake strikes Luzon, Philippines Cops raid online lending company in Pasig City, nab 168 employees Reforms could help transform Philippines into middle-class society by 2040: World Bank Search for missing Philippine cockfighting enthusiasts in Taal Lake to take six months: Remula Vietnam Vietnam's capital to help residents switch to electric vehicles SpaceX expected to launch Starlink services in Vietnam from fourth quarter German customs officials find 1,500 tarantulas hidden in biscuit packaging from Vietnam Vietnam's former top health official prosecuted in dual bribery scandals Cambodia Archaeologists restoring ninth brick tower of Bakong temple in Cambodia's famed Angkor park Defence minister demands public apology for assault on Cambodian soldier at Ta Mone Thom Cambodian ministries going digital with e-invoice platform Myanmar Four consecutive earthquakes strike within hours in Myanmar Myanmar welcomes over 500,000 foreign tourists in H1 2025 Laos Laos, Cambodia, Myanmar to release 100 million fingerlings into rivers Laos moves toward integrating digital ID systems Brunei Brunei Sultan announces landmark reforms and digital transformation on 79th birthday Brunei's lion dance troupe to 'roar' at world championships China is experiencing a relentless heatwave, with temperatures forecast to exceed 40 deg C in parts of the country as residents prepare for the summer season to reach its peak on July 20. - AFP Aseanplus Australia sidesteps US tensions to seek closer China trade ties Hong Kong opens probe into AI-generated porn scandal at university China's Xi vows greater support for Russia as he meets Lavrov Pilot groups reject claims of human error in Air India crash Japan man sells Ferrari to fund shelter for 'taxing' dogs, repay pet that saved his life Heatwave sweeping across China could be unprecedented Parent of top student, teacher break into South Korean school to steal exam papers Typhoon Nari makes landfall over Japan's Hokkaido Teacher, teen arrested at Hong Kong airport in 'Ice', ketamine drug cases China steps in as US pulls back from diplomacy, report says Elegant Fine Caviar: Malaysian-owned caviar from a sturgeon farm in China World's oldest marathon runner dies aged 114 in road accident Fringe party vows to put 'Japan First' to chip away at LDP rule China's Q2 GDP growth tops forecast even as US tariff risks mount Squid Game's tragic couple speak out on their harrowing on-screen relationship Tech takes centre stage as Chinese students weigh up major choices Fringe party vows to put 'Japan First' to chip away at LDP rule Astronauts from India, Poland, Hungary head for splashdown with NASA veteran Japan's ruling coalition seen losing upper house majority, polls show Australia looks to scrap surcharges on most card payments Nvidia's CEO says it has US approval to sell its H20 AI computer chips in China Lego doubling down on China market Japan launches government body to address concerns over foreigners Bangladesh struggles to contain the fallout of an uprising that toppled its leader last year 'Butter': the foodie feminist bestseller skewering sexism in Japan Japan ruling party support plunges ahead of national election in NHK poll HK actor Ray Lui's wife flaunts RM216k handbag while vacationing with husband in Europe Asian markets mixed as China's economy meets forecasts
The Sun
4 hours ago
- The Sun
Malaysia to lead ASEAN power grid implementation from 2025
KUCHING: Malaysia is poised to take a leading role in the ASEAN Power Grid (APG) initiative, with Deputy Prime Minister Datuk Seri Fadillah Yusof confirming that implementation could begin as early as next year. The country's advanced infrastructure and existing cross-border electricity connections position it as a key player in the regional energy integration project. Fadillah, who also serves as Energy Transition and Water Transformation Minister, highlighted Malaysia's progress during the International Energy Week 2025. He noted that key decisions on the APG roadmap will be finalised at the 43rd ASEAN Ministers on Energy Meeting (AMEM) in Kuala Lumpur this October. 'The roadmap has been presented and received agreement in principle. If all goes well, implementation will begin as early as next year, subject to endorsement by ASEAN leaders,' he said. Malaysia already has operational interconnections with Thailand, Laos, and Singapore in Peninsular Malaysia, while Sarawak is linked to West Kalimantan. Plans are underway to extend the grid to Sabah and eventually connect with the southern Philippines, creating a loop in Borneo. Fadillah emphasised the need for regulatory alignment among ASEAN member states to ensure seamless integration. The APG, launched in 1997, aims to fully interconnect the region's power infrastructure by 2045. – Bernama
