Malaysia is a country located in Southeast Asia that has been actively pursuing trade agreements with other countries to boost its economy. In recent years, Malaysia has signed several trade agreements with other countries, including Australia, China, and Japan. These agreements have helped to increase trade between Malaysia and its trading partners, and have also helped to attract investment to the country.
One of the most significant trade agreements that Malaysia has signed in recent years is the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This agreement was signed in March 2018 and includes 11 countries, including Canada, Japan, and Australia. The CPTPP is expected to reduce tariffs on goods and services, promote economic growth, and improve market access for businesses. For Malaysia, this agreement is expected to increase trade and investment, particularly in the manufacturing and services sectors.
Another important trade agreement that Malaysia has signed is the Malaysia-Australia Free Trade Agreement (MAFTA). This agreement was signed in March 2012 and is designed to reduce tariffs on goods and services between the two countries. Since the implementation of the agreement, Malaysia has seen an increase in trade with Australia, particularly in the areas of agriculture, manufacturing, and education.
In addition to these agreements, Malaysia has also signed free trade agreements with countries such as China and Japan. These agreements have helped to increase trade between Malaysia and these countries and have also helped to attract investment to the country. For example, the Malaysia-China Free Trade Agreement (MCFTA) was signed in 2010 and has helped to increase trade between the two countries. Today, China is one of Malaysia`s top trading partners, with trade between the two countries reaching record levels in 2018.
However, while these trade agreements have helped to boost Malaysia`s economy, some critics have raised concerns about the impact of these agreements on the country`s industries and workers. Critics argue that free trade agreements can lead to job losses and a decline in the competitiveness of certain industries. In response, the Malaysian government has implemented measures to protect industries and workers affected by these agreements.
Overall, trade agreements are an important tool for increasing trade and investment between countries. For Malaysia, these agreements have helped to boost the economy and attract investment from other countries. While there are concerns about the impact of these agreements on certain industries and workers, the Malaysian government has taken steps to address these concerns and ensure that all sectors of the economy benefit from these agreements. With continued trade agreements and investment, Malaysia is poised to continue to grow and prosper in the coming years.