In 2021, the total merchandise trade between ASEAN and Australia reached $81.6 billion, registering a year on-year increase by 49 per cent that is higher than pre-COVID-19 rates.

Meanwhile, merchandise trade between ASEAN and New Zealand in 2021 reached $11 billion, growing by 22.5 per cent year on year.

In 2021, foreign direct investment (FDI) flows from Australia and New Zealand to ASEAN amounted to $589 million.

The agreement establishing the ASEAN-Australia-New Zealand Free Trade Area, signed in Thailand on February 27, 2009, is being upgraded to ensure that it is fit-for-purpose and is future-proofed against emerging challenges, an official press release said.

Businesses will benefit from the AANZFTA upgrade through improved transparency measures; lower costs and time for exports and imports; use of technological solutions for trade; cooperation in digital technology, sustainable development and education services; increased participation of micro, small, and medium enterprises in economic activities, including government procurement; and smoother flow of essential goods during periods of crises.

Fibre2Fashion News Desk (DS)