New Zealand and Malaysia have finished negotiations on a free trade agreement with more benefits than the recently signed Asean agreement.
This year New Zealand and Australia signed an FTA with 10 Asian countries who are members of the Association of Southeast Asian Nations (Asean). They are Indonesia, Malaysia, Philippines,
Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia.
Trade Minister Tim Groser said the FTA with Malaysia would provide benefits "over and above those already secured", including improved market access and greater certainty for New Zealand exporters.
It was an important move in the middle of the global financial crisis and "creeping tendency towards protectionism".
"This will help boost exports and increase job opportunities and growth in both our countries," Mr Groser said.
The FTA will now go through domestic approval processes before it can be officially signed. Both sides would like it signed this year, he said.
Malaysia is New Zealand's seventh largest trading partner with two-way trade of nearly $3 billion last year.
- NZPA
