The newly-upgraded agreement aims to boost Australian businesses’ access to Southeast Asian markets.
CANBERRA, Australia — The Australian Government has ratified the upgraded ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) agreement, aiming to bolster economic ties with Southeast Asia. This move is set to benefit Australian businesses by streamlining trade procedures and enhancing market access.
The upgraded AANZFTA introduces measures to assist micro, small, and medium enterprises in capitalising on Southeast Asian markets. It also simplifies trade and transportation procedures, potentially reducing costs and time for importers and exporters.
Additionally, the agreement seeks to create a more equitable environment for Australian service providers and investors in sectors such as education, mining, engineering, and finance. Enhanced protections for e-commerce data and intellectual property are also key components of the upgrade.
Trade Minister Don Farrell emphasised the significance of this development, stating, “The AANZFTA upgrade will create new commercial opportunities for Australians, for our exporters and investors to work hand-in-hand with businesses in Southeast Asia. This will cement Australia as a partner of choice in an open and inclusive region.”
The ratification aligns with the Australian Government’s commitment to its Southeast Asia Economic Strategy to 2040, which aims to tap into the region’s vast economic potential. Currently, nearly half a million Australian jobs are linked to trade with Southeast Asia, a figure expected to rise as the strategy unfolds.
With Australia’s ratification now formalised, the upgraded AANZFTA is slated to come into effect in 60 days, marking a significant milestone in regional economic integration.
Source: Minister for Trade and Tourism, Australia
