Australian gov't to fast-track FTA with Malaysia: PM

CANBERRA, March 3 (Xinhua) -- Australian Prime Minister Julia Gillard on Thursday said the federal government plans to sign a free trade agreement (FTA) with Malaysia within a year.

Malaysian Prime Minister Najib Razak arrived in Canberra for a three-day official visit. This is his first visit to Australia since becoming prime minister.

Australia and Malaysia launched negotiations on a bilateral free-trade agreement in 2005.

After six years of discussions, Gillard has agreed to a request from Razak to fast-track talks after meeting with him in Canberra on Thursday.

"I've agreed that that is a good idea," Gillard told reporters in Canberra on Thusrday.

"We will conclude this free trade agreement between our two nations within the coming year and we want to see it concluded and signed within the anniversary of this visit next year."

Two-way trade between the countries was worth 14.53 billion U.S. dollars in 2009 and 13 billion U.S. dollars in calendar 2010.

Malaysia is Australia's 11th biggest trading partner overall and the third largest in The Association of Southeast Asian Nations (ASEAN), but Razak said he believes there is room for improvement.

"We both agree that it would be useful to set a certain timeline," he told reporters in Canberra on Thursday, adding that he expects there will be an interim agreement on partnership arrangements before Asia-Pacific Economic Cooperation (APEC) meeting in November this year.

March 3^rd, 2011

Source: Xinhua News