KUALA LUMPUR – Malaysia and New Zealand have agreed on the upgrading of the regional Asean-Australia-New Zealand Free Trade Agreement (AANZFTA), which is undergoing a review, said International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali.
This follows his virtual meeting with New Zealand Trade Minister Damien O’Connor.
“We reaffirmed the importance of our bilateral, trade and investment ties,” tweeted Azmin.
“We agreed to advance work on upgrading the regional Asean-Australia-New Zealand FTA, which is undergoing a comprehensive review.”
AANZFTA, which involves the 10 members of the Southeast Asian bloc, as well as Australia and New Zealand, came into force in January 2010. It eliminates 90% of goods traded between Asean and its two neighbours.
The agreement covers a population of 653 million and has a trade value exceeding US$4.3 trillion (RM17.75 trillion).
According to aseanbriefing.com, the deal will be fully implemented in 2025, by which time, almost all trade between Asean, Australia and New Zealand will be tariff-free.
Azmin said Malaysia and New Zealand agreed on the issue of reforms, as well as ensuring a functional World Trade Organisation appellate body that builds on the narrative of preserving special and differential treatment for developing economies.
He added that he exchanged views with O’Connor on the upcoming Asia-Pacific Economic Cooperation (Apec) Ministers Responsible for Trade Meeting.
In another tweet, the minister said his discussions with Apec’s United States business coalition have been “very convincing”. – Bernama, June 5, 2021
