HSBC Welcomes Signing of Free Trade Agreement between Australia and Malaysia
HSBC welcomes the signing of the Free Trade Agreement (FTA) between Australia and Malaysia and predicts that trade between the two countries is set to more than double over the next 15 years.
Paulo Maia, chief executive officer (CEO) of HSBC Bank Australia, said: “The signing of the FTA between Australia and Malaysia will pave the way for greater trade flows between our two countries in future. While Australia’s commodities will remain the key export, Malaysia’s growing middle class means our business services, education and tourism sectors are likely to be future export beneficiaries. Conversely, we expect demand from Australia for Malaysian imports, such as crude oil and electronic goods, to continue growing.
“Malaysia has one of the largest economies in South East Asia and the formalising of this bilateral trade relationship gives Australia a head start in capitalising on Malaysia’s future economic growth,” he added. “For Australian businesses looking to diversify their Asia Pacific trade, the agreement will prompt many leading companies to look at the Malaysian market more closely and explore how they can take advantage of this opportunity.”