An upgraded ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) agreement came into effect on 21 April 2024. It covers a market of over 703 million people with a combined GDP of more than USD 5.6 trillion.
The agreement is expected to enhance trade and investment opportunities across the region.
Key changes include improved provisions for e-commerce, services, investment, consumer protection, sustainable development, and government procurement. Rules of origin and customs procedures have been simplified to support faster clearance of essential goods and improve supply chain resilience.
The agreement also aims to increase transparency in professional, financial, educational, and telecommunications sectors. Digital trade will be strengthened through aligned standards and e-invoicing.
A new chapter supports micro, small, and medium-sized enterprises through regulatory cooperation and capacity building.
Signed in August 2023 in Indonesia, the revised pact replaces the original AANZFTA, which entered into force in 2010. In 2023, ASEAN’s total trade in goods with Australia and New Zealand amounted to USD 138.4 billion.
