PUTRAJAYA, Sept 6 — Prime Minister Datuk Seri Najib Tun Razak today reaffirmed Malaysia’s commitment in the Trans-Pacific Partnership Agreement (TPPA) negotiations.

“TPPA is an important undertaking. Malaysia wants to be part of it, provided our concerns can be accommodated in the final outcome,” he said at the joint press conference with Australian Prime Minister Tony Abbott here today.  On the Regional Comprehensive Economic Partnership, Najib said: “Prime Minister Abbott and I agreed that Malaysia and Australia are to continue working together to make progress in the negotiations and look forward to a substantive conclusion on the negotiations in 2015.”

On economic relations, both leaders agreed that it has gone from strength to strength, and the two-way trade has added billions dollars in a year.  Last year, Australia was Malaysia’s ninth largest trading partner.  The two-way goods and services trade was valued at RM61.9 billion in 2013, up from RM46.2 billion in 2010. This represents a 14.7 per cent increase over three years.

In 2013, Australia’s total investment in Malaysia stood at RM28.9 billion and Malaysia’s total investment in Australia amounted to RM50.9 billion.  In addition, Najib, who is also Finance Minister, said Malaysia recognised freer mobility of business visitors, investors and skilled profesionals as the key ingredients to a successful business relationship.  “In this regard, I have informed Prime Minister Abbott that business visitors, foreign fund managers and investors can apply for a five-year multiple entry visa from December this year,” he said.

On finance cooperation, he said Australia had shown great interest in the development of Islamic finance. — Bernama