Latest news with #AANZFTA
The Star
15-07-2025
- Business
- The Star
Malaysia-NZ trade set to soar
AUCKLAND: Trade between Malaysia and New Zealand is expected to increase by 50% in the next five years, says Datuk Seri Dr Ahmad Zahid Hamidi. 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.
The Sun
14-07-2025
- Business
- The Sun
Malaysia and New Zealand strengthen ties in sustainability, digital, and food security
AUCKLAND: Malaysia has outlined three priority areas to deepen cooperation with New Zealand, focusing on sustainability, digital transformation, and food security. Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi emphasised the alignment between both nations in advancing green energy, digital innovation, and agri-food trade. Speaking at the ASEAN-New Zealand Business Council (ANZBC) Engagement, Ahmad Zahid noted New Zealand's leadership in renewable energy, with 87 per cent of its electricity sourced sustainably. 'This aligns closely with Malaysia's commitment to achieve net-zero emissions by 2050,' he said. On digital transformation, he highlighted potential synergies between Malaysia's MyDIGITAL agenda and New Zealand's expertise in ICT, particularly in AI, smart cities, and cybersecurity. 'Collaboration in digital trade governance can drive mutual economic benefits,' he added. In the agri-food sector, Ahmad Zahid pointed to New Zealand's reputation for quality and innovation, complementing Malaysia's halal certification and logistics strengths. 'As ASEAN's middle class grows, this partnership presents vast opportunities,' he said. However, he stressed the need for inclusive growth, ensuring MSMEs in ASEAN and Malaysia benefit from improved trade finance, digital tools, and capacity building. Bilateral trade between Malaysia and New Zealand reached US$2.34 billion (RM10.72 billion) in 2024, making Malaysia New Zealand's second-largest ASEAN trading partner. Ahmad Zahid described the relationship as a 'deep-rooted partnership,' strengthened by agreements like the Malaysia-New Zealand Free Trade Agreement and AANZFTA. The ANZBC event, held at Park Hyatt Hotel Auckland, aimed to enhance economic ties and explore trade opportunities between ASEAN and New Zealand. Attendees included ANZBC chairman Kathleen Morrison and New Zealand Trade and Enterprise's Ivy Huang. - Bernama
The Star
14-07-2025
- Business
- The Star
Malaysia-New Zealand trade set to rise by 50% in next five years, says Zahid
AUCKLAND: Trade between Malaysia and New Zealand is expected to increase by 50% in the next five years, says Datuk Seri Dr Ahmad Zahid Hamidi. The Deputy Prime Minister said forging closer bi-lateral and trade ties with New Zealand is 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 here on Monday (July 14). He noted that trade agreements such as the Malaysia–New Zealand Free Trade Agreement (MNZFTA) and Asean, Australia, New Zealand Free Trade Area (AANZFTA) served as a catalyst for boosting trade between the two nations. "In 2024, bilateral trade between Malaysia and New Zealand reached RM10.72bil (US$2.34bil), making Malaysia New Zealand's second-largest trade partner within Asean. "These numbers aren't just statistics, they reflect confidence, connectivity and commitment between our economies," he said. He added that the MNZFTA had also enabled 99.8% of New Zealand exports to enter Malaysia duty-free. He said that AANZFTA had also driven up 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, increasing 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 are better positioned to build a fair, modern and sustainable trade architecture. AANZFTA is a trade agreement between Asean member states, Australia and New Zealand, which came into force in 2010. 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 that Malaysia is looking at three key areas to deepen trade collaboration between the two nations. These areas, he added, were sustainability, digital transformation, and food security. "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 said. On Malaysia's side, Ahmad Zahid said the nation's MyDigital agenda complements New Zealand's strengths in information and communications technology (ICT), 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," he added. Ahmad Zahid, who is also Rural and Regional Development Minister, noted that it was crucial that the economic partnership between Malaysia and New Zealand continue 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 include the micro, medium and small enterprises (MSMEs) to ensure they are 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.
New Straits Times
20-05-2025
- Business
- New Straits Times
Malaysia leads Asean trade talks with China, Japan, ANZ
KUALA LUMPUR: Malaysia, in its capacity as Asean chair for 2025, convened three Asean Economic Ministers' consultations today with their counterparts from China, Japan and the Australia-New Zealand bloc. The consultations were attended by China's Minister of Commerce, Australia's Minister for Trade and Tourism, New Zealand's Minister for Trade and Investment or Closer Economic Relations and Japan's Minister of Economy, Trade and Industry. All three sessions were held virtually, with Timor-Leste's Minister of Trade and Industry, Filipus Nino Pereira, participating as an observer. During the meetings, the ministers reaffirmed their support for the World Trade Organisation as the cornerstone of a predictable, transparent and open trade and investment environment. They underscored the importance of ensuring that the system remains free, fair, inclusive, sustainable and non-discriminatory. In the first consultation with China, the ministers acknowledged that ongoing global trade tensions could affect regional supply chain resilience and disrupt the global trade order. They also noted that such tensions risk exacerbating trade frictions and undermining confidence in the rules-based Multilateral Trading System. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the ministers recognised the potential impact of such uncertainties on economic security and stability. He said they also reaffirmed the target of signing the Asean-China Free Trade Area 3.0 Upgrade Protocol by year-end, a key Priority Economic Deliverable under Malaysia's 2025 Asean Chairmanship. "This upgrade is envisaged to include new areas, such as digital economy, green economy, and supply chain connectivity." The meeting also recognised the importance of expanding trade linkages through initiatives such as the Regional Comprehensive Economic Partnership (RCEP) agreement. It noted that efforts are ongoing to finalise the arrangements for accession of aspiring economies of this agreement. In the consultation with Australia and New Zealand, the meeting reaffirmed the principles of the Asean-Australia-New Zealand Free Trade Area (AANZFTA), namely open, predictable, transparent, rules-based and non-discriminatory trade. In this regard, the meeting welcomed the entry into force of the Second Protocol to Amend the AANZFTA for Australia, Brunei, Lao PDR, Malaysia, New Zealand and Singapore on April 21. It also looked forward to the protocol's entry into force for the remaining parties later this year, to further strengthen this key regional economic cooperation framework. In the consultation with Japan, the meeting underscored Asean and Japan's shared commitment to implementing and promoting the Asean-Japan Comprehensive Economic Partnership (AJCEP). It also noted ongoing efforts to implement, improve and expand RCEP, including the finalisation of procedures for the accession of aspirant economies. Tengku Zafrul said there are clear opportunities for Asean and Japan to forge collaborations to enhance supply chain resilience, as well as promote digital transformation, energy transition, innovation and critical industries. To that end, he said the meeting committed to foster a conducive investment and trade environment in Asean as well as its sub-region and globally based on the principles of a level playing field. "Asean and Japan will explore industry-specific cooperative initiatives such as those in the automotive sector, clean energy, and ethical, responsible development and deployment of artificial intelligence," he added. In principle, Asean and Japan also agreed on the possibility of updating the rules and standards, including in existing agreements such as the AJCEP and RCEP to ensure they remain relevant to businesses.
New Straits Times
23-04-2025
- Business
- New Straits Times
Malaysia backs upgraded Asean-Australia-New Zealand FTA to boost regional trade
KUALA LUMPUR: Malaysia has joined fellow Asean members, along with Australia and New Zealand, in welcoming the upgrade of the Asean-Australia-New Zealand Free Trade Area (AANZFTA). The move marks a major step in Malaysia's commitment to inclusive, resilient and sustainable economic integration, the Investment, Trade and Industry Ministry (MITI) said in a statement today. With a combined gross domestic product exceeding US$5.6 trillion (about RM24.68 trillion) and a population of over 700 million, the upgraded AANZFTA strengthens Malaysia's resilience in a competitive regional market. The amendment is expected to reduce transaction costs, support the digitalisation of trade, enhance the resilience of supply chains and open new opportunities in sustainable trade and investment. According to MITI, the AANZFTA has been a vital component of Malaysia's regional trade strategy since its entry into force in 2010. Malaysian exporters' utilisation of the agreement has shown encouraging growth, with export value doubling from RM5.8 billion in 2016 to RM12.9 billion in 2023. MITI said Malaysian businesses have continued to show interest and momentum in leveraging the AANZFTA to better position themselves for the benefits of the upgraded agreement amid evolving global conditions. "With the Second Protocol now in effect, the upgraded agreement introduces meaningful improvements across 13 existing chapters, including rules of origin, customs procedures and trade facilitation, competition and electronic commerce. "It also brings in new chapters on trade and sustainable development, micro, small and medium enterprises (MSMEs), and government procurement," it added. MITI said Australia and New Zealand have contributed around AUD$48.7 million (about RM137.34 million) under the Regional Trade for Development initiative. This support is crucial in realising the benefits of AANZFTA and the Regional Comprehensive Economic Partnership for local communities. "Malaysia remains committed to the full and effective implementation of the upgraded agreement and MITI will continue to work closely with industry players, especially MSMEs, to ensure businesses are well-positioned to maximise the benefits from the enhanced provisions," it added.
