The Philippine department of trade and industry (DTI) announced recently that it has signed the Second Protocol to amend the agreement establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) and the First Protocol to amend the ASEAN-Hong Kong Free Trade Agreement (AHKFTA).

The better commitments under the amended AANZFTA include new chapters on government procurement, trade and sustainable development and micro, small and medium enterprises.

The amended AANZFTA would offer greater stability to businesses interested in investing and providing services in Australia and New Zealand, including those engaged in professional services.

The simplified rules would allow traders to claim lower tariffs, the department was cited as saying by domestic media reports.

“The finalisation of the Second Protocol to amend the AANZFTA represents another milestone in our work to further strengthen regional trade and investment flows between ASEAN, Australia and New Zealand. We want to ensure the agreement continues to benefit businesses and reinforce our strategic links in the region,” Philippine trade secretary Alfredo Pascual said in a statement.

Changes to the AHKFTA, meanwhile, allow more liberal origin rules for manufacturing products like polystyrene, woven fabrics and denim.

Fibre2Fashion News Desk (DS)

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