The Upgrade, formally known as the Second Protocol to Amend the Agreement Establishing AANZFTA, simplifies documentation for traders accessing existing tariff preferences, which eliminate or reduce duties on approximately 97.7 per cent of all tariff lines for Australian exports, Australia’s Department of Foreign Affairs and Trade said in a press release.
Upgraded ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) has taken effect for six nations, streamlining trade documentation and expanding tariff preferences on 97.7 per cent of Australian exports.
It introduces new provisions on services, e-commerce, MSMEs, and sustainable development.
The Upgrade aims to boost regional economic integration.
In addition to enhanced trade facilitation, the revised agreement introduces new commitments on services, e-commerce, consumer protection, sustainable development, and support for micro, small and medium enterprises (MSMEs). It also offers regulatory certainty and increased market access across a broad range of sectors.
Fifteen years after the agreement’s original implementation on January 1, 2010, the Upgrade reaffirms the bloc’s commitment to a cooperative and rules-based trading system, advancing regional economic integration and shared prosperity, the release added.
Fibre2Fashion News Desk (KD)
