New Zealand and Malaysia signed a free trade agreement in Kuala Lumpur Monday evening that would eliminate all tariffs by 2016. The agreement should boost New Zealand’s kiwi fruit and liquid milk exports, as well as its education providers.
Malaysia should benefit from gradual elimination of tariffs on clothing, textiles, and wooden and steel products, according to analysis released by both countries.
Under the free trade agreement, New Zealand and Malaysia will enjoy duty free access to 90.8 per cent of exports in 2010, 94.6 per cent in 2012, 95 per cent in 2014 and 100 per cent by 2016.
The deal builds on the free trade agreement that New Zealand and Australia signed this year with the 10 countries of the Association of South-East Asian Nations (ASEAN).
The New Zealand government said it expected the agreement to come into force next year, once both countries secured domestic approval.