Bilateral Trade and Investment to Support Recovery in Malaysia, Australia
In a Joint Statement of the 4th Australia-Malaysia Annual Foreign Ministers’ Meeting on November 6, 2021, Ministers Marise Payne, Dato Saifuddin Abdullah, co-chaired the 4th Malaysia-Australia Annual Foreign Ministers’ Meeting (AFMM) in Kuala Lumpur, said bilateral trade and investment between both nations will help support recovery from the devastating COVID-19 pandemic.
The Ministers took the opportunity to acknowledge the longstanding friendship between Australia and Malaysia. Ministers recognised that 2021 had been an important year for the bilateral relationship, notwithstanding the impacts of COVID-19.
Both countries are also working on elevating the bilateral relationship to a Comprehensive Strategic Partnership (CSP) in January 2021, which recognises the importance both countries place on the relationship.
They acknowledged the progress made under the CSP and reaffirmed full commitment to implement the CSP Plan of Action across its three pillars: Economic Prosperity; Society and Technology; and Defence and Regional Security. Economic Prosperity.
Open markets and equitable access to essential goods and services are crucial for strong and resilient post-COVID-19 growth, job opportunities and prosperity, they said.
They agreed to work to strengthen the rules-based multilateral trading system with the World Trade Organization at its core, to provide a level playing field, address unfair and coercive economic practices while responding to the acceleration of protectionist measures. They reaffirmed their commitment to a successful 12th Ministerial Conference from 30 November to 3 December 2021.
The Ministers highlighted the work underway to upgrade and modernise the Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), recognising the need to review the Malaysia-Australia Free Trade Agreement (MAFTA).
They also recognise the importance for the remaining Signatories to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership Agreement (RCEP), followed by the timely implementation of those regional agreements.
This work will deepen bilateral trade and investment relations by creating the best possible conditions for businesses to flourish.
DIGITAL TRADE
They welcomed progress on digital cooperation, including practical initiatives such as the Australia-Malaysia Tech Exchange under the Memorandum of Understanding, signed in December 2020. They reaffirmed continuing collaboration, including in regional and multilateral forums, to reduce barriers to digital trade and promote consistent and open digital trade rules in the region. Society and Technology
The Ministers acknowledged the deep, long-term people-to-people ties between Malaysia and Australia, built over decades through exchanges in migration, education and business.
Both looked forward to further strengthening people-to-people connections through activities such as the 2021-22 Australia now Malaysia program to celebrate our diversity and cultural links; and renewal of the Memorandum of Understanding on Sports Cooperation to expand its scope. The aim is to include, among others, youth engagement and efforts to increase women’s participation in sports; as well as the renewal of the Memorandums of Understanding on education cooperation that would strengthen the bilateral ties between Malaysia and Australia.
Health security, health science and mental health, including through technical exchanges on immunisation registers and certificates, strategic communications on vaccines, and mental health policy dialogue took precedence.