Singapore strengthens regional trade with ASEAN-Australia-NZ pact

The agreement creates a free trade area for more than 703 million people.

The upgraded ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) has officially entered into force for Australia, New Zealand, Singapore, Malaysia, Lao PDR, and Brunei Darussalam.

The agreement establishes a free trade area encompassing over 703 million people, with a combined GDP of more than $5.6t.

The upgraded AANZFTA is designed to help businesses better seize opportunities across Southeast Asia, Australia, and New Zealand.

Key benefits include more sourcing options and production efficiencies, time and cost savings from streamlined transit processes, faster clearance of goods during crises, and more transparent, business-friendly regulations in the professional, education, financial, and telecommunication sectors.

In addition, businesses will benefit from improved digital connectivity, stronger protections for businesses and consumers, support for green growth, and more effective dispute resolution processes.

“Amidst the uncertainties in the global trade environment, this agreement is a bright spot demonstrating ASEAN, Australia, and New Zealand’s commitment to an open, inclusive, and rules-based multilateral trading system,” Gan Kim Yong, deputy prime minister and minister for Trade and Industry said