Overview
Australia and New Zealand are among the first ASEAN’s Dialogue Partners. Formal relationships were established in 1974 and 1975 respectively. The economic relations among ASEAN, Australia and New Zealand began at the first Consultations held between the ASEAN Economic Ministers (AEM) and Ministers from Australia and New Zealand in 1995 and have grown stronger since. According to Australia’s data in 2019, the total trade between ASEAN and Australia reached AUD 122.2 billion, while New Zealand’s data recorded merchandise trade between ASEAN and New Zealand at AUD 16.99 billion. Data from both countries showed direct investment from Australia and New Zealand into ASEAN at AUD 45.4 and AUD 855 million respectively.
ASEAN, Australia and New Zealand signed the ASEAN-Australia-New Zealand Free Trade Area Agreement (AANZFTA) in 2009. The Agreement went into effect in January 2010, and is the most comprehensive ASEAN’s FTA to date. It has been the crux of ASEAN-Australia-New Zealand economic relations over the past decade. The AANZFTA also has a specially-designed economic and technical cooperation program, namely AANZFTA Economic Cooperation Support Program (AECSP). It has delivered tangible outcomes in capacity building, institutional cooperation and support for the AANZFTA built-in agenda.
On 26 August 2014, Economic Ministers from ASEAN and ANZ signed the First Protocol to amend the AANZFTA. The Protocol does not change any of the preferences under the Agreement but introduces new procedures to ensure that administrative revisions are expedited in an efficient manner, removes some unnecessary information requirements and streamlines the presentation of the product specific rules of origin to make the Agreement more user-friendly for businesses.
The twelve Parties are currently in the process to upgrade the Agreement to better facilitate trade and investment and to address other remaining issues. The upgrade is also intended to ‘modernize’ the Agreement by updating the rules on electronic commerce, as well as including new provisions on government procurement, and trade and sustainable development.
ASEAN, Australia and New Zealand signed the ASEAN-Australia-New Zealand Free Trade Area Agreement (AANZFTA) in 2009. The Agreement went into effect in January 2010, and is the most comprehensive ASEAN’s FTA to date. It has been the crux of ASEAN-Australia-New Zealand economic relations over the past decade. The AANZFTA also has a specially-designed economic and technical cooperation program, namely AANZFTA Economic Cooperation Support Program (AECSP). It has delivered tangible outcomes in capacity building, institutional cooperation and support for the AANZFTA built-in agenda.
On 26 August 2014, Economic Ministers from ASEAN and ANZ signed the First Protocol to amend the AANZFTA. The Protocol does not change any of the preferences under the Agreement but introduces new procedures to ensure that administrative revisions are expedited in an efficient manner, removes some unnecessary information requirements and streamlines the presentation of the product specific rules of origin to make the Agreement more user-friendly for businesses.
The twelve Parties are currently in the process to upgrade the Agreement to better facilitate trade and investment and to address other remaining issues. The upgrade is also intended to ‘modernize’ the Agreement by updating the rules on electronic commerce, as well as including new provisions on government procurement, and trade and sustainable development.
