ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA)
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, namely Australia, Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, New Zealand, Philippines, Singapore Thailand, and Viet Nam.
The AANZFTA is a first in many respects, such as:
- the first plurilateral agreement for both ASEAN and Australia;
- the first comprehensive single-undertaking free trade agreement negotiated and signed by ASEAN with a Dialogue Partner;
- the first region-to-region engagement for ASEAN; and
- the first Agreement that Australia and New Zealand jointly negotiated for.