CANBERRA
(Reuters) - Australia will sign a free
trade agreement(FTA) with Malaysia on Tuesday in a move it hopes will add new
momentum to stalled bilateral trade talks with other key Asian trading
partners.
Australia
is still negotiating free trade deals with South Korea, Japan and China, with
progress in reaching agreement with Beijing and Tokyo slow.
The
deal with Malaysia, which will be Australia's sixth FTA, will be signed in
Kuala Lumpur, said a spokesman for Australian Trade Minister Craig Emerson.
"Such
agreements can generate momentum for further deals, providing a head-turning
effect from other countries," Emerson told the Australian newspaper.
Australia
already boasts FTAs with New Zealand, the United States, Singapore, Thailand
and Chile, and reached a regional trade deal with 10 ASEAN countries in 2010.
The
agreement with Malaysia is a step further than the ASEAN deal, granting
Australia's service sector the right to operate majority-owned operations in
Malaysia and allowing access to Malaysia without endorsement from other ASEAN
countries.
Under
the deal, more than 97 percent of tariffs on Australian goods sold in Malaysia
will be eliminated. In return Australia has agreed to accelerate the removal of
tariffs for goods from Malaysia, the Australian newspaper reported.
Malaysia
is Australia's ninth-biggest trading partner with two-way trade worth about $13
billion a year.
Maggie
Lu Yueyang
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