With uncertainty surrounding the effect of Brexit on the EU-Vietnam Free Trade Agreement and Trump (and to a lesser extent, Hillary) threatening to torpedo the TPP (Trans Pacific Partnership), it is timely to shine the spotlight on the Forgotten Trade Agreement, AANZFTA (the ASEAN-Australia-New Zealand Free Trade Agreement).

Importantly, AANZFTA is already in place, having commenced on 3 January 2010.

Details of AANZFTA, as detailed on the Australian Government’s website

…AANZFTA is Australia’s first multi-country FTA. It is the first time Australia and New Zealand have been involved jointly in negotiating an FTA with third countries. It is the first time ASEAN has embarked on FTA negotiations covering all sectors including goods, services, investment and intellectual property simultaneously. This makes it the most comprehensive trade agreement that ASEAN has ever negotiated.

AANZFTA will deliver real commercial benefit for Australian exporters and investors.

Key interests and benefits

  • Extensive tariff reduction and elimination commitments.
  • Regional rules of origin will provide new opportunities for Australian exporters to tap into  international supply chains in the region.
  • Promotes greater certainty for Australian service suppliers and investors, including through certain legal protections for investment in ASEAN territories.
  • Provides a platform for ongoing economic engagement with ASEAN through a range of built-in agendas, economic cooperation projects and business outreach activities.

For further information

  • For Australian Government’s AANZFTA website, click here.
  • For detailed schedule of tariff commitments by Australia (ie products entering Australia from ASEAN countries), click here.

 

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