In the first nine months of 2020, trade with ESTV partners amounted to 66.5% and 860.6 billion .RM, respectively. Exports amounted to $483.29 billion.RM while imports amounted to $377.31 billion.RM. Mydin stressed that the free trade agreement could lead to a risk of foreign dependence on countries with lower production capacity. With the large and growing population of Malaysia, there are many opportunities for growth and our free trade agreement is helping to pave the way. The agreement offers importers and exporters more than previous commitments of the ASEAN Australia New Zealand Free Trade Agreement (AANZFTA). As a small-market trade nation, it is essential for Malaysia to continue to establish an open trade and investment system to stimulate economic growth, create high-skilled jobs and promote technological development and innovation. Malaysia is one of our fastest growing export markets and our sixth largest trading partner for products. In 2014, two-way merchandise trade totaled more than $3 billion. In total, in 2019, 66.7% of Malaysia`s total trade, or RM 1.22 trillion, was spent on trade with countries covered by regional and bilateral free trade agreements. Exports to free trade countries amounted to $672.1 billion.RM while imports amounted to $551.5 billion.RM.
New Zealand has another trade agreement with Malaysia – AANZFTA, which includes Australia and other ASEAN countries. The pricing system (external link) helps you choose which one, but there are other factors such as handling and routing requirements that you also need to consider. Use the tariff calculator (external link) and this NZIER [PDF, 130 KB] study [PDF, 130KB] to help you make your decision. Regarding the signing of the RCEP agreement following eight years of negotiations as a major achievement, he said: “These comprehensive free trade agreements have negative and positive aspects. The abolition of tariffs gives the countries of the agreement the free movement of trade products. A free trade agreement is an international agreement between two or more countries to reduce or remove trade barriers and achieve closer economic integration. In addition, increased internationalization through trade and participation in global value chains (CIS) enables Malaysian SMEs to achieve economies of scale, increase market share and increase productivity.
