New Zealand-Malaysia FTA Comes into Force

New Zealand's Free Trade Agreement (FTA) with Malaysia has comes into force and provides important opportunities for businesses, Export New Zealand said on August 2.

The FTA was signed on Oct. 26 last year but came into force on August 1. 2010.

Malaysia has Southeast Asia's second largest Gross Domestic Product (GDP) and was forecast to grow 6.5 percent this year, meaning the potential business gains from the agreement were significant, Export New Zealand Executive Director Catherine Beard said.

Under the agreement, 95 percent of New Zealand exports to Malaysia were duty free.

New Zealand's main exports to Malaysia were private tertiary education, dairy, fruit and manufactured products.

"It's an opportune time for Kiwi businesses to focus on developing their Malaysian trade," Beard said.