Brunei, Indonesia, New Zealand and Australia recently signed the second protocol to amend the agreement establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA).

Economic ministers from the four countries gathered at the sidelines of the 28th ASEAN Economic Ministers–Closer Economic Relations (AEM-CER) Consultation in Semarang, Indonesia on August 22 to sign the agreement.

Brunei is the ASEAN country coordinator for AANZFTA and Indonesia is the ASEAN chair for this year.

The signing was the result of three years of negotiations to upgrade the agreement establishing the AANZFTA.

The upgrade is a significant milestone towards ensuring that the AANZFTA remains of high-quality, responsive to emerging challenges, takes into account modern trade practices and remains commercially meaningful to businesses in the region, a joint statement said.

In addition, it was intended to maximise AANZFTA’s synergies and complementarities with other regional trade initiatives for resilient and inclusive growth in the region.

The upgrade helps strengthen supply chain resilience, digital technology adoption, cooperation on trade and sustainable development, inclusive trade and transparency to boost investors’ confidence in the region.

Fibre2Fashion News Desk (DS)

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