Businesses briefed on NZ, Aus trade deal

A seminar on the Association of Southeast Asian Nations–Australia–New Zealand Free Trade Area (AANZFTA) was held in HCM City on Wednesday to explain its benefits to Vietnamese businesses.

AANZFTA, which came into effect on January 1, will reduce or eliminate tariffs across a region that is home to 600 million people with an annual GDP of US$2.98 trillion.

The most comprehensive agreement ever signed by ASEAN contains regional rules of origin and substantial tariff reduction and elimination commitments that will benefit all the signatories.

According to a press release from the Australian consulate in HCM City, Australia’s annual trade with ASEAN members is worth $74.4 billion, more than that nation’s trade with Japan or China. Australian consul, Graeme Swift, said: “Australia and Viet Nam stand to gain from this agreement across many sectors, including exports of agricultural products, industrial goods, and services.”

The seminar was organised by the Australian and New Zealand consulates and the Viet Nam Chamber of Commerce and Industry.

Tags: AANZFTA, Asean Australia New Zealand Free Trade Area