MAFTA has energised Malaysia-Australia business

He said virtually eliminating all tariffs between both countries was "no small thing" considering that two-way merchandise trade reached more than A$17 billion in 2011 and 2012.

Thomson, the MP for the Federal seat of Wills, here, said in line with MAFTA, the Australian Government was determined to ensure it grasped the historic opportunities presented in a white paper titled "The Asian Century" launched recently.

"The white paper is the foundation to build capacity to meet Asia's growing demand for high value of goods and services," he told a Australia-Malaysia Business Council lunch here Tuesday.

"As the white paper explains, Asia's increasing affluence and growing middle-class are reshaping global markets.

"The white paper touches on just about everything the (Australian) government does -- from education to regulations, infrastructures, regional affairs and trade and economic policies.

"Under this strategy, the whole government machinery has been set the task of maximising Australia's Asian Century potential," Thomson said.

He said success in the Asian Century would need the support of the wider community - business, academia, non-government sector and the public.

Canberra has released a guide outlining the documentation needed under MAFTA to help businessmen take advantage of opportunities created by the free trade agreement.

He said the A$6 million Asian Century Business Engagement Plan, a new initiative, would provide grants of between A$20,000 and A$300,000 for business organisations to access Asia's commercial networks and value chains.

It will be managed by Austrade, formerly the Australian Trade Commission, is an agency of the Australian Government that assists Australian businesses.

"Austrade can have an important role in helping business navigate its way through the Malaysian market, helping to find partners, providing market research and introducing to key players in government and business," Thomson added.