Asean Anz Free Trade Agreement

-December 3, 2020-

Asean Anz Free Trade Agreement

Mike Burroughs

An Australian Chamber of Commerce and Industry investigation into the use of trade agreements has made AANZFTA the third best-known and most used executive of 14. Similarly, a survey conducted by AustCham ASEAN shows that about three quarters of respondents consider ASEAN to be a priority region for their business. Economy ministers in each region announced that they would open up a "wealth of new opportunities" for businesses, creating a free trade area of more than 600 million people with a combined gross domestic product (GDP) of 2.3 trillion $US. AANZFTA was the first regional agreement, Australia`s first multi-country free trade agreement, the first time Australia and New Zealand participated in joint negotiations and the first time ASEAN opened comprehensive negotiations on all sectors at the same time. The agreement is particularly admired for its economic cooperation agenda, which was a novelty at the time. Instead of the standard Western agreement, which often focuses on tariff reductions in some areas, AANZFTA has put into play an ongoing process to promote greater economic interaction through a series of integrated agendas, economic cooperation projects and trade activities. Austrade has detailed information on activities in New Zealand and in ASEAN countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. A regional dialogue on the preparation of negative list plans, composed of some thirty trade negotiators... The AANZFTA can be seen as an effective model that is relevant to the ongoing negotiations on the Comprehensive Regional Economic Partnership (RCEP), particularly with regard to the promotion of economic integration. He suggested that it was important to reach agreement and initiate processes that allow for ongoing integration efforts. And AANZFTA has been in service since shortly before the start of the RCEP negotiations and provides. For RCEP supporters, there is an urgent need to reach an agreement this year.

Drysdale identified it as a "do or the" time. He proposed to encourage the CEU states and the best reaction of their partners to the abandonment of free trade elsewhere. As part of the ASEAN approach, an important element of AANZFTA was an ongoing dialogue, including an annual consultation and future reviews. The agreement should thereby be maintained as a "living document" with a sustainable commercial scope. We are negotiating a revaluation of our existing free trade agreement with ASEAN to modernize it, further reduce export barriers and boost trade in the region. The ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) is one of the most dynamic economic regions in the world. The rate of business utilization has been high, quotas have increased over time, but bilateral free trade agreements such as Singapore-Australia, Thailand-Australia and Malaysia-Australia have made things more complicated. Where such agreements existed, they tended to be favoured for bilateral trade. However, when business supply chains cross the region`s borders, AANZFTA was the best option. AANZFTA is Australia`s first multi-country free trade agreement.

This is the first time that Australia and New Zealand have participated together in the negotiations of a free trade agreement with third countries. This is the first time ASEAN has entered into negotiations for a free trade agreement in all sectors, including goods, services, investment and intellectual property.

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