BUSINESS COMMUNITY SHOULD TAP ASEAN-AUSTRALIA & N.ZEALAND FTA

SINGAPORE, April 7 (Bernama) -- The business community and other
stakeholders, including importers and exporters, should fully utilise the benefits spelt out under the Asean-Australia and New Zealand Free Trade Area (AANZFTA) agreement.

In making the call, New Zealand Ambassador to Singapore, Peter Hamilton said the government to government agreement was already signed and in force.

"The next step is to encourage businessmen, including importers and
exporters, to take advantage of the agreement.

"Among others, this agreement is to reduce import and tariff bariers, facilitate customs, open the services sector and make trade and investment easier," he told Bernama.

AANZFTA came into force on Jan 1, 2010, with eight of the 12 parties namely Australia, Brunei, Malaysia, Myanmar, New Zealand, the Philippines, Singapore and Vietnam implementing the agreement.

It hoped to create a trans-Pacific free trade zone comprising a market of 600 million people with a combined Gross Domestic Product of US$2.7 trillion.

It is expected to substantially reduce barriers to trade in goods and services, thereby, opening up a wide range of opportunities for trade and investment in the region for both the parties and non-parties.

Under the AANZFTA, tariff reductions started gradually since Jan 1, 2010 with free trade to be fully realised by 2015.

The newer Asean members of Cambodia, Laos, Myanmar and Vietnam have
longer time frames.

Hamilton said the agreement has not achieved complete liberalisation but "there are areas that can developed over time."

Asean is New Zealand's third largest export market for merchandise goods and the latter is the third largest trading partner.