Overview: The ASEAN-Australia-New Zealand Free Trade Area (AANZFTA)
The twelve AANZFTA Parties include:
Brunei Darussalam New Zealand
Lao PDR Thailand
Malaysia Viet Nam
The AANZFTA is a comprehensive and single-undertaking free trade agreement that opens up and creates new opportunities for approximately 663 million peoples of ASEAN, Australia and New Zealand - a region with a combined Gross Domestic Product of approximately USD 4 trillion as of 2016. In line with the ASEAN Community Vision 2025 , the AANZFTA aims for sustainable economic growth in the region by providing a more liberal, facilitative and transparent market and investment regimes among the twelve signatories to the Agreement.
The Agreement has eighteen chapters and four annexes, covering various aspects of trade in goods, services and investment as well as competition and intellectual property rights. It also includes specific schedules of commitments on tariffs, specific services and movement of natural persons
Through the AANZFTA:
- tariffs will be progressively reduced from entry into force of the Agreement, and eliminated for at least 90% of all tariff lines within specified timelines;
- movement of goods will be facilitated via a more modern and flexible rules of origin, simplified customs procedures, and more transparent mechanisms;
- barriers to trade in services will be progressively liberalised allowing for greater market access to service suppliers in the region;
- movement of business persons, those engaged in trade and investment activities, will be facilitated; and
- covered investments will be accorded a range of protection, including the possibility of dealing with disputes via an investor-state dispute settlement mechanism.
The ASEAN Secretariat
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