New Zealand has ratified the Upgrade to the Agreement establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), Minister for Trade Todd McClay announced today.
“ASEAN which is comprised of Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam, is New Zealand’s fourth largest trading partner in two-way trade – and is home to some of our fastest growing export markets.
“Trade into Southeast Asia has more than doubled since AANZFTA entered into force in 2010 is now worth over $9 billion. The upgrade will continue to support this grow.
“The AANZFTA Upgrade future proofs trade into Southeast Asia and will help achieve our ambitious goal to double exports by value in 10 years.
The upgrade addresses trade barriers and creates more streamlined and efficient processing of goods across borders and improves conditions for trade in services and e-commerce,” Mr McClay says.
The Upgrade will enter into force when four ASEAN Parties, New Zealand and Australia have completed their ratification processes.