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Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area


Left to Right:
Malaysia (Hon Tan Sri Muhyiddin)-Myanmar (U Soe Tha)-Philippines (Peter B Faliva) -Singapore (Lim Hng Kiang)-Australia (Hon Simon Crean)-New Zealand (Hon Tim Groser)-Thailand (Mrs Porntiva Nakasai)-Viet Nam (HE Dr Vu Huy Hoang)-Brunei (Hon Pehin Dato Lim Jock Seng)-Cambodia (HE Cham Prasidh)-Indonesia (Dr Mari Elka Pangestu)-Laos (HE Dr Nam Viyaket)-ASEAN Sec General (Dr Surin Pitsuwan).

The Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) was officially signed by Minister Groser and his ASEAN and Australian counterparts at a ceremony in Hua Hin, Thailand on 27 February 2009.
 
The Agreement represents a new high water mark in New Zealand’s integration with the ASEAN combined market. At present, ASEAN represents a market of more than 566 million people and accounts for more than US$1,400 billion in global trade.
 
This importance is reflected in the high rate of growth in trade between New Zealand and the ASEAN economies. New Zealand exports to the ASEAN countries have increased 121 percent since 2000 to around $4.6 billion in 2008. Over the same period, imports from the ASEAN countries have increased 244 percent to almost $7.6 billion in 2008.
 
This twelve country FTA creates new opportunities for New Zealand exporters of goods and services and investors with one of the world’s most dynamic economic regions and New Zealand’s third largest export market.
 
The Agreement is the first time ASEAN has negotiated a comprehensive FTA as part of a “single undertaking”, i.e. spanning goods, services, investment, as well as the other subjects covered in a modern FTA such as intellectual property and competition policy.
 
The Agreement facilitates trade in goods and services by eliminating barriers, providing greater certainty and transparency, reducing associated transactions costs for New Zealand businesses wishing to operate in the ASEAN markets.
 
Within twelve years at most, 99 percent of New Zealand’s current trade with Indonesia, Malaysia, the Philippines and Viet Nam will be duty free.
 
As well as immediate commercial benefits however, the AANZFTA Agreement also represents an important ‘building block’ in the growing East Asia trade and economic architecture and underscores our strategic commitment to greater regional integration. 

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Last Updated on Thursday, 19 March 2009 10:49