On 22 May 2012, the Minister for Trade and Competitiveness, Craig Emerson, announced that the Australia Government had signed the Malaysia-Australia Free Trade Agreement (MAFTA). Malaysia is Australia’s 10th largest trading partner, with two-way trade worth $16 billion in 2011. The Agreement will build on benefits already flowing to the Australian economy from the ASEAN-Australia-New Zealand Free Trade Agreement which commenced in 2010. A Regulation Impact Statement was prepared by the Department of Foreign Affairs and Trade and assessed as adequate by the Office of Best Practice Regulation.
