ASEAN Member States are expected to reap the following benefits from AANZFTA:
- Increased market access via progressive tariff reduction and elimination.
- Zero tariffs at entry into force of the Agreement in 2010 for 96.5 percent, and 84.7 percent of Australia and New Zealand’s tariff lines.
- Further tariff reduction during transition until final tariff elimination for all tariff lines of Australia and New Zealand is achieved in 2020.
- Application of the rules of origin will be further enhanced by the “advance ruling in writing” provisions in the Chapter on Customs Procedures as regards “tariff classification, question arising from the application of the principles in the WTO Agreement on Customs Valuation and/or origin of goods” which Parties agreed to adopt, subject to their domestic laws and regulations. The advance ruling provision would help shorten the time for checking and assessing goods at the ports of entry, thus, helping speed up the release of goods.
- Improved market access and national treatment for trade in services. Australia and New Zealand’s commitments in trade in services have gone beyond their commitments in the WTO.
- Significant protection measures for covered investments including provision of an investor-state dispute settlement mechanism.
- Inclusion of provisions that will facilitate the temporary movement of business persons such as business visitors, installers and services, executives of a business, intra-corporate transferee, or contractual contract service suppliers.
The ASEAN Secretariat
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