ID :
48074
Fri, 02/27/2009 - 22:00
Auther :
Shortlink :
https://oananews.org//node/48074
The shortlink copeid
ASEAN-AUSTRALIA, NEW ZEALAND FTA TO TAKE EFFECT JULY 1
HUA HIN (THAILAND), Feb 27 (Bernama) -- Asean's first comprehensive Free Trade Agreement (FTA) with Australia and New Zealand (AANZ-FTA), which will take effect from July 1, 2009 covers trades in goods, investment, trades in services and economic cooperation.
AANZ-FTA will provide for total tariff elimination by Australia and New
Zealand either immediately or within 8-11 years with a smaller number of the
products in 2020.
Asean member states in parallel will progressively eliminate 96 percent of
their total tariff from the expected date of entry into force of the FTA, in
July 2009 until 2020, said the Ministry of International Trade and Industry
(MITI) in a statement here Friday.
Its minister Muhyiddin Yassin signed on behalf of Malaysia.
Australia was represented by its Trade Minister, Simon Crean, while New Zealand
by its Minister of Trade, Tim Groser. Other Asean economics ministers signed on
behalf of their respective countries.
The remaining four percent of tariff comprising sensitive products will only
be reduced to five percent or completely excluded from the concession.
Generally, duties on a substantial number of products which are in the
Normal Track will be eliminated by 2013.
It said the ease provided by the simpler and facilitative export and import
procedures agreed under the FTA, will reduce the cost of doing business and thus
create wider market opportunities between the parties.
In terms of trade in services, Asean will be offering commitments made under
the Asean Framework Agreement on Services - AFAS which include sectors of
interest to Australia and New Zealand such as education and professional
services.
Australia and New Zealand, on the other hand, is offering 100 percent
foreign equity on most sectors. With this, Malaysia and other Asean members'
services provider should take advantage of the market access provided and thus
strengthen business linkages in the region.
Trade and investment activities between Asean and Australia-New Zealand are
expected to expand with the implementation of the AANZ-FTA.
Asean's trade with Australia and New Zealand amounted to US$47.8 billion in
2007 as compared with US$41.3 billion in 2006, an increase of 15.7 percent.
Asean's export to Australia and New Zealand expanded by 17 percent in 2007
to US$31 billion, from US$26.5 billion in 2006.
Asean's import from Australia and New Zealand amounted to US$16.8 billion in
2007 and US$15.8 billion in 2006, an increase of 13.5 percent.
Cumulative direct investment from Australia and New Zealand into Asean for
the period of 2001-2007 amounted to US$10 billion. Investments by Australia and
New Zealand in Asean in 2007 increased to US$1.1 billion from US$40.8 million in
2006, which is the highest amount of investment recorded since 1995.
Negotiations on the AANZ FTA which commenced in March 2005 was concluded in
August 2008, aim at enhancing regional trade and investment and economic
cooperation activities between Asean, Australia and New Zealand.
-- BERNAMA
AANZ-FTA will provide for total tariff elimination by Australia and New
Zealand either immediately or within 8-11 years with a smaller number of the
products in 2020.
Asean member states in parallel will progressively eliminate 96 percent of
their total tariff from the expected date of entry into force of the FTA, in
July 2009 until 2020, said the Ministry of International Trade and Industry
(MITI) in a statement here Friday.
Its minister Muhyiddin Yassin signed on behalf of Malaysia.
Australia was represented by its Trade Minister, Simon Crean, while New Zealand
by its Minister of Trade, Tim Groser. Other Asean economics ministers signed on
behalf of their respective countries.
The remaining four percent of tariff comprising sensitive products will only
be reduced to five percent or completely excluded from the concession.
Generally, duties on a substantial number of products which are in the
Normal Track will be eliminated by 2013.
It said the ease provided by the simpler and facilitative export and import
procedures agreed under the FTA, will reduce the cost of doing business and thus
create wider market opportunities between the parties.
In terms of trade in services, Asean will be offering commitments made under
the Asean Framework Agreement on Services - AFAS which include sectors of
interest to Australia and New Zealand such as education and professional
services.
Australia and New Zealand, on the other hand, is offering 100 percent
foreign equity on most sectors. With this, Malaysia and other Asean members'
services provider should take advantage of the market access provided and thus
strengthen business linkages in the region.
Trade and investment activities between Asean and Australia-New Zealand are
expected to expand with the implementation of the AANZ-FTA.
Asean's trade with Australia and New Zealand amounted to US$47.8 billion in
2007 as compared with US$41.3 billion in 2006, an increase of 15.7 percent.
Asean's export to Australia and New Zealand expanded by 17 percent in 2007
to US$31 billion, from US$26.5 billion in 2006.
Asean's import from Australia and New Zealand amounted to US$16.8 billion in
2007 and US$15.8 billion in 2006, an increase of 13.5 percent.
Cumulative direct investment from Australia and New Zealand into Asean for
the period of 2001-2007 amounted to US$10 billion. Investments by Australia and
New Zealand in Asean in 2007 increased to US$1.1 billion from US$40.8 million in
2006, which is the highest amount of investment recorded since 1995.
Negotiations on the AANZ FTA which commenced in March 2005 was concluded in
August 2008, aim at enhancing regional trade and investment and economic
cooperation activities between Asean, Australia and New Zealand.
-- BERNAMA
