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About AANZFTAOverview
The AANZFTA is a comprehensive and single-undertaking
economic
agreement that opens up and creates new opportunities for the
600
million peoples of ASEAN, Australia and New Zealand which have
acombined economic output of USD 2.65 trillion via a platform of
a
more liberal, facilitative and transparent market access and
investment regimes among the signatories to the Agreement.
Through the AANZFTA:
tariffs will be progressively reduced from entry into force of
theAgreement, and eliminated for at least 90 percent of all
tariff
lines within specified timelines;
movement of goods will be facilitated via a more modern
andflexible rules of origin, simplified customs procedures and
moretransparent mechanisms;
barriers to trade in services will be progressively
liberalizedallowing for greater market access to service suppliers
in the
region;
movement of business persons, those engaged in trade
andinvestment activities, will be facilitated; and
covered investments will be accorded a range of
protection,including the possibility of dealing with disputes via
an investor-
state dispute settlement mechanism. Find out more...
->ASEAN,Australia,New Zealand
Parties/Signatories
The AANZFTA is an agreement of twelve Party states, among
ASEAN
Member States and CER countries. They are composed of the
ten
ASEAN Member States namely: Brunei Darussalam, Cambodia, Lao
PDR, Indonesia, Malaysia, Myanmar, The Philippines,
Singapore,
Thailand and Viet Nam; and the CER countries of Australia and
New
Zealand.
Date of Signing
The Economic Ministers of ASEAN, and the Trade Ministers of
Australia
and New Zealand signed the AANZFTA on 27 February 2009 in
Cha-
am, Phetchaburi, Thailand.
Entry into Force
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The AANZFTA entered into force on 1 January 2010 following
notification of completion of internal requirements including
ratification
from eight (8) of the Parties:
a. six (6) ASEAN Member States namely Brunei
Darussalam,Malaysia, Myanmar, The Philippines, Singapore, Viet Nam;
and
b. Australia and New Zealand.Subsequently, on 12 March 2010, the
AANZFTA entered into force for
Thailand following its notification on 12 January 2010.
AANZFTA has entered into force in Cambodia and Lao PDR on 4
January 2011 and 1 January 2011, respectively.
Indonesia has entered into force on 10 January 2012, making
all
Parties on board in AANZFTA.
Implementing Committee
The FTA Joint Committee was established to oversee
theimplementation of the AANZFTA. The FTA Joint Committee is
composed of representatives from all the twelve Parties. It is
co-
chaired by Brunei Darussalam for ASEAN, Australia and New
Zealand.
Scope
The AANZFTA covers commitments and obligations on:
a. Trade in Goods including Rules of Origin and
CustomsProcedures
b. Standards and Sanitary and Phytosanitary Measuresc. Trade in
Servicesd. Movement of Natural/Business Personse. Investmentsf.
Electronic Commerceg. Competitionh. Intellectual Property
The AANZFTA has an economic cooperation component to support
the
implementation of the Agreement at the regional and country
levels.
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Key Outcomes for ASEAN
ASEAN will gain from increased market access via
progressivetariff reduction and elimination.
o ASEAN will enjoy zero tariffs at entry into force of
theAgreement in 2010 for 96.5 percent, and 84.7 percent of
Australia and New Zealands tariff lines.
o ASEAN will continue to enjoy further tariff reduction
duringtransition until final tariff elimination for all tariff
lines of
Australia and New Zealand is achieved in 2020.Find out
more . . .
ASEAN will benefit from a more flexible and trade
facilitatingrules of origin with the co-equal rule for 83% of
tariff
subheadings, and allowing regional cumulation for
calculating
the eligibility for preferential tariff treatment.
Application of the rules of origin are further enhanced by
theadvance ruling in writing provisions in the Chapter on
Customs
Procedures as regards tariff classification, question arising
from
the application of the principles in the WTO Agreement on
Customs Valuation and/or origin of goods which Parties
agreed
to adopt, subject to their domestic laws and regulations.
The
advance ruling provision would help shorten the time for
checking and assessing goods at the ports of entry, thus,
helping
speed up the release of goods.
ASEAN will benefit from improved market access and
nationaltreatment for trade in services. Australia and New
Zealands
commitments in trade in services have gone beyond their
commitments in the WTO.Find out more . . .
ASEAN will benefit from significant protection measures
forcovered investments including provision of an investor-state
dispute settlement mechanism.
ASEAN will gain from the inclusion of provisions that
willfacilitate the temporary movement of business persons such
as
business visitors, installers and services, executives of a
business, intra-corporate transferees, or contractual
contract
service suppliers.
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