ASEAN, Australia and New Zealand have completed negotiations to upgrade the free trade agreement

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Compared to the current agreement, the upgraded version will make it easier for companies to tap into the ASEAN markets, Australia and New Zealand, said Dina Korniasari, Director General of ASEAN Negotiations at the Indonesian Ministry of Commerce. It is also designed to be more responsive, adaptive and resilient to emergencies such as pandemics or natural disasters in the future.

In a press release, the official said that the second protocol to amend the agreement establishing the Latin American Free Trade Area (AANZFTA) could be one of Indonesia’s achievements in its role as chair of the Association of Southeast Asian Nations (ASEAN) this year.

She emphasized that the concerned parties were committed to reviewing the legal procedures of the protocol, which will be signed next August on the sidelines of the 28 meetings.^H Consultation with ASEAN Economic Ministers and Ministers of Australia and New Zealand.

The Agreement Establishing AANZFTA was signed in Thailand on February 27, 2009.

In 2021, total merchandise trade between ASEAN and Australia reached US$81.6 billion, up 49% year-on-year and higher than pre-COVID-19 rates.

Meanwhile, trade between the bloc and New Zealand reached US$11 billion, up 22.5% annually. Also last year, foreign direct investment from Australia and New Zealand to ASEAN amounted to US$589 million.

VNA/CVN