MAFTA Tariff Finder – tariffs now just a click away
Australian exporters and Malaysian importers will now find it even easier to enjoy the benefits of the Malaysia-Australia Free Trade Agreement (MAFTA) with the launch of the MAFTA Tariff Finder on 31 July.
Since MAFTA entered into force on 1 January this year, it has eliminated or significantly reduced tariffs for Australian products exported to Malaysia. However, because the remaining tariffs differ between products, the difficult part has been working out exactly what tariff applies to each product.
To make life easier for companies, the Australian Government has developed a new online tool – the MAFTA Tariff Finder – ensuring that the answer is now just a click away. Australian High Commissioner to Malaysia, H.E. Mr Miles Kupa, said: “The MAFTA Tariff Finder enables users to quickly and easily assess the tariffs that apply to goods coming into Malaysia from Australia.” For goods being sent in the other direction, the process is obviously much simpler, as all Australian tariffs for Malaysian goods were removed with the introduction of MAFTA.
Companies wanting to access the Tariff Finder can do so at http://maftatariffs.austrade.gov.au/tariff-finder/. After logging in, they need only enter their Harmonised System Code (the internationally recognised code for each product), and instantly see the tariff that will apply under MAFTA.
As the remaining tariffs are reduced over time, the Tariff Finder will be updated accordingly. Malaysia has eliminated tariffs on 97.6 per cent of goods imported from Australia since MAFTA came into force but this will rise to 99 per cent in 2017.
“The MAFTA Tariff Finder is a practical tool that will support the development of businesses between Malaysian and Australian companies. It will also assist Malaysian companies to source goods and manufacturing inputs from Australia more cost effectively,” Mr Kupa said during the launch of the Tariff Finder in Kuala Lumpur on 31 July.
The Secretary-General of the Ministry of International Trade and Industry, YBhg Datuk Dr Rebecca Fatima Sta Maria, also participated in the launch, which was held in conjunction with one of the Malaysia Australia Business Council’s regular networking events that allow Malaysian and Australian businesspeople to meet and build new partnerships.
Mr Kupa reminded attendees at the Tariff Finder launch that “MAFTA has improved access between both countries and benefitted a broad range of industry sectors, continuing to build upon the strong relationship that already exists”. He encouraged exporters and importers alike to take advantage of the Tariff Finder to explore potential new commercial opportunities.
Apart from tariff reductions on a wide range of goods, MAFTA also provides significant benefits for service providers, by allowing majority ownership across areas including education, finance and professional services.
In addition, Australian exporters now need only provide a valid MAFTA Declaration of Origin to a Malaysian importer, rather than a Certificate of Origin, in order for the importer to take advantage of the reduced tariffs under MAFTA, although Malaysia still requires its exporters to provide a valid MAFTA Certificate of Origin.
Further information on the benefits of MAFTA can be found at www.dfat.gov.au/fta/mafta.