merchandise exports to Australia include crude petroleum, computers, telecommunications equipment, integrated circuits, furniture, gold, refined petroleum, computer parts, radio receivers, and electrical machinery and appliances . Malaysian investment in Australia has grown strongly in recent years .  At the end of 2006, the level of Malaysian foreign direct investment in Australia was $4 billion, making Malaysia the twelfth-largest investor in Australia .  Australian companies continue to pursue opportunities in Malaysia .  At the end of 2006, the stock of Australian foreign direct investment in Malaysia was $385 million. In February 2005, DFAT published a report entitled Malaysia: An Economy Transformed.   The report analyses the challenges to Malaysia's economic development and the Malaysian Government's plans for new drivers of growth . It  also discusses opportunities for expanding the Australia-Malaysia commercial relationship further . Australia and Malaysia have a double taxation agreement . Malaysia-Australia Free Trade Agreement On 7 April 2005, Australia and Malaysia agreed to launch negotiations on a bilateral Free Trade Agreement (FTA). The decision to begin FTA negotiations built on an already strong and broad-ranging bilateral relationship .   It also followed consideration by both governments of comprehensive scoping studies into the likely impact of an FTA .   The studies reached the conclusion that an FTA would deliver significant benefits to both countries . There have been four full rounds of bilateral FTA negotiations since May 2005, the most recent being held in Kuala Lumpur in July 2006 .  Both sides have committed to completing a comprehensive, high-quality agreement . Ministers have not sought to apply a rigid timetable to the FTA negotiations . Australia-Malaysia Joint Trade Committee The annual Australia-Malaysia Joint Trade Committee (JTC) meeting provides a regular forum for the two countries to discuss their respective views on international and regional trade and economic issues, as well as to explore ways to expand the bilateral trade and economic relationship . At the 13 ^1h  JTC,  held in Adelaide on 3 August 2006, ministers underlined their commitment to negotiating a high quality bilateral FTA . Ministers also reviewed progress on a range of activities under the Malaysia-Australia Agricultural Cooperation Working Group (which was reactivated in August 2005), as well as developments in cooperation initiatives in the franchising, medical devices regulation and coal and energy sectors .