The Australian Government has announced that Australia and Malaysia have finalised a bilateral film co-production agreement, paving the way for producers in both countries to collaborate more closely on projects for the big and small screen.

Minister for Trade and Investment Andrew Robb said "as well as enhancing our cultural ties and strengthening our people-to-people linkages, the agreement will reinforce our bilateral economic relationship and provide a mechanism for Australian and Malaysian producers to compete more effectively in the global marketplace."

The co-production agreement – finalised in the margins of the recent Trans-Pacific Partnership Agreement negotiations – will open up access to a larger pool of talent, expertise and infrastructure, with the costs of production also being shared.

"The agreement will provide a conduit for creative exchange and the development of screen projects of cultural significance to both Australia and Malaysia," Minister for the Arts Mitch Fifield said.

Read the full Australia and Malaysia to co-star on the big screen media release.