Australia concludes AANZFTA negotiations
Australia has concluded negotiations for the region-wide ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA). The agreement marks a significant step towards the lifting of ASEAN trade barriers on Australian products and services, and the possible establishment of a regional trade marks filing system.
According to the Minister for Trade, the AANZFTA covers16 per cent of Australia's trade in goods and services, two-way trade worth $71 billion and a market of 570 million people with a combined GDP of US$1 trillion. AANZFTA is Australia’s first multi-country (plurilateral) FTA.
The final negotiations were concluded in Singapore on 28 August 2008 conducted by Ministers of the 10 ASEAN countries, Australia and New Zealand. The agreement became public when the Ministers were photographed trying to give the secret handshake at a press conference. The signing of the AANZFTA is scheduled for December this year.
Continue Reading...