Australia Strengthens Trade Agreement With ASEAN

Australian Prime Minister Anthony Albanese, along with his counterparts from ASEAN and New Zealand, announced in Phnom Penh the substantial conclusion of negotiations aimed at upgrading the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA).

AANZFTA is an agreement involving ASEAN Member States (Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam), Australia, and New Zealand. It encompasses significant tariff reductions and offers increased certainty for service providers and investors.

Upon implementation, the upgrade will enhance and modernize the trade agreement, ensuring its relevance for businesses and trade in the region. This was stated by Australia’s Minister for Trade and Tourism, Senator the Hon Don Farrell.

The agreement is anticipated to create a more robust framework for Australian enterprises to enhance their economic ties with Southeast Asia.

Albanese commented on the agreement, stating: “Strengthening trade agreements with ASEAN and New Zealand will lead to better outcomes for Australian businesses and families.”

https://www.khmertimeskh.com/501184880/australia-strengthens-trade-agreement-with-asean/