Free Trade Agreement Abf

The ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) is a comprehensive free trade agreement between the ten member states of the Association of Southeast Asian Nations (ASEAN), Australia and New Zealand. Signed on February 27, 2009, the agreement seeks to promote economic integration and cooperation among the signatory countries.

One of the primary objectives of the AANZFTA is to promote trade liberalization. It seeks to eliminate tariffs and other trade barriers between the signatory countries, making it easier and cheaper for businesses to trade with each other. The agreement also includes provisions for the protection of intellectual property rights, investment liberalization, and the promotion of sustainable development.

The AANZFTA has already had a significant impact on trade between the signatory countries. Since the agreement was signed, total trade between ASEAN, Australia, and New Zealand has increased by more than 40%. Australian and New Zealand businesses, in particular, have benefited greatly from the agreement, with exports to ASEAN countries increasing by 55% and 30% respectively.

In addition to promoting trade, the AANZFTA also seeks to promote regional economic integration. The agreement includes provisions for cooperation on customs procedures, technical regulations, and standards, as well as on services and investment. This will help to create a more seamless and integrated regional market, which will benefit businesses throughout the region.

Overall, the ASEAN-Australia-New Zealand Free Trade Agreement is a significant step towards greater economic cooperation and integration between the signatory countries. It has already had a significant impact on trade and is likely to continue to do so in the coming years. Businesses that operate in the region should take advantage of the opportunities created by the agreement to expand their operations and increase their trade.