ASEAN-Australia-New Zealand FTA
Subscriber Update
Update 23 – October 2008
Conclusion of AANZFTA Negotiations
Negotiations on the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) were concluded by Ministers from ASEAN countries, Australia and New Zealand at the thirteenth ASEAN Economic Ministers-Closer Economic Relations (AEM-CER) consultations held in Singapore on 28 August 2008. Australia was represented at the meeting by the Minister for Trade, The Hon. Simon Crean MP. As part of the process, it was agreed that Australia would continue to negotiate bilaterally with Indonesia and Malaysia with a view to improving their tariff commitments, particularly on automotives.
The Ministers hailed the Agreement as an important milestone in the long-standing ASEAN-CER comprehensive partnership. It will pave the way for enhancing the region’s economic integration and act as an impetus to deepen and broaden the trade and investment ties among the twelve participating countries. The Agreement is comprehensive in scope covering trade in goods and services, investment, electronic commerce, movement of natural persons, intellectual property, competition policy and economic cooperation. Legal verification of the Agreement was completed on 26 September 2008 and the FTA is expected to be signed in December 2008 following verification of market access schedules. The details of the Agreement, including tariff/services schedules, will be available after signature.
Mr Crean welcomed the conclusion of AANZFTA, hailing it as the largest FTA Australia has ever negotiated. The FTA covers 20.5 per cent of Australia’s trade in goods and services, worth $92 billion (ASEAN accounts for 16 per cent of Australia’s trade in goods and services worth $71 billion). Mr Crean noted that AANZFTA is the most comprehensive trade agreement that ASEAN has ever negotiated and Australia stands to gain considerably from the Agreement across many sectors. AANZFTA has considerable potential to create new trade and investment opportunities not provided through bilateral FTAs.
Additional Information
- Joint Media Statement of the Thirteenth AEM-CER Consultation, Singapore, 28 August 2008
- Media Release: Australia Concludes Southeast Asia Trade Deal, 28 August 2008
More information on the ASEAN-Australia-New Zealand FTA