Jakarta (VNA) – The Joint Committee (FJC) for the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) agreement hascompleted the negotiations for upgrading the plurilateral free trade deal atits recent 20th meeting in Indonesia.
Dina Kurniasari, Director General of ASEAN Negotiation underthe Indonesian Ministry of Trade, said that compared to the current agreement,the upgraded version will make it easier for businesses to exploit the ASEAN,Australian and New Zealand markets. It is also designed to be more responsive,adaptive and flexible to emergencies such as future pandemics or naturaldisasters.
In a press release, the official said the Second Protocol toAmend the Agreement Establishing the AANZFTA could be one of Indonesia'sachievements in its role as Chairman of the Association of Southeast AsianNations (ASEAN) this year.
She stressed sides involved are committed to review legalprocedures for the protocol to be signed in August on the sidelines of the 28th consultation of ASEAN Economic Ministers (AEM) and the Ministers ofAustralia and New Zealand.
The Agreement Establishing the AANZFTA was inked inThailand on February 27, 2009.
In 2021, total merchandise trade between ASEAN and Australiareached 81.6 billion USD, up 49% year-on-year and higher than pre-COVID-19rates.
Meanwhile, trade between the bloc and New Zealand hit 11 billion USD,growing by 22.5% annually. Also last year, FDI from Australia and New Zealandto ASEAN amounted to 589 million USD./.
Dina Kurniasari, Director General of ASEAN Negotiation underthe Indonesian Ministry of Trade, said that compared to the current agreement,the upgraded version will make it easier for businesses to exploit the ASEAN,Australian and New Zealand markets. It is also designed to be more responsive,adaptive and flexible to emergencies such as future pandemics or naturaldisasters.
In a press release, the official said the Second Protocol toAmend the Agreement Establishing the AANZFTA could be one of Indonesia'sachievements in its role as Chairman of the Association of Southeast AsianNations (ASEAN) this year.
She stressed sides involved are committed to review legalprocedures for the protocol to be signed in August on the sidelines of the 28th consultation of ASEAN Economic Ministers (AEM) and the Ministers ofAustralia and New Zealand.
The Agreement Establishing the AANZFTA was inked inThailand on February 27, 2009.
In 2021, total merchandise trade between ASEAN and Australiareached 81.6 billion USD, up 49% year-on-year and higher than pre-COVID-19rates.
Meanwhile, trade between the bloc and New Zealand hit 11 billion USD,growing by 22.5% annually. Also last year, FDI from Australia and New Zealandto ASEAN amounted to 589 million USD./.
VNA
