Monday, April 22, 2024

Australia strengthens ASEAN/NZ trade agreement

AUSTRALIA

Australian Prime Minister, Anthony Albanese, today joined ASEAN and New Zealand counterparts to announce the substantial conclusion of negotiations to upgrade the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) in Phnom Penh, Cambodia.

Once implemented the upgrade will strengthen and improve the trade agreement to ensure it is fit for the future for businesses and trade in the region, Mr Albanese said.

“It will provide a stronger foundation for Australian businesses to expand their economic engagement with Southeast Asia.”

He said the upgraded trade agreement was set to benefit Australian businesses through new chapters and provisions, including on micro, small, and medium sized enterprises, trade and sustainable development and education services.

“The upgraded agreement will also include enhanced provisions on electronic commerce, competition, customs procedures and trade facilitation, trade in goods, rules of origin, trade in services and investment.”

“The pandemic has highlighted the importance of focusing on trade facilitation to support businesses and secure supply chains. The upgrade will support traders to conduct business in the region, particularly when it comes to completing documentation – everything from origin certification to invoicing requirements.

“The upgrade will also offer more opportunities for regional cooperation on issues such as the environment and climate change. ASEAN is a growing partner, particularly in renewable energy, as we work together to meet our climate objectives,” said Prime Minister Albanese.

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