ASEAN, Australia, New Zealand discuss benefits of upgrading AANZFTA

The discussions were held during the AANZFTA Regional Business Roundtable in Vientiane last week, co-hosted by Laos’ ministry of industry and commerce.

Several topics were discussed, such as raising awareness of the Free Trade Area and the challenges and opportunities involved, while suggestions by the private sector and other key groups on the AANZFTA upgrade were put forward, according to media reports from the host country.

“ASEAN and closer economic relations (CER) countries are long-term economic partners and are getting stronger. In 2023, the value of trade between ASEAN and Australia was worth $94.4 billion, accounting for 2.7 per cent of the total trade value of ASEAN, while trade between ASEAN and New Zealand was worth $12.7 billion, accounting for 0.4 per cent of the total trade value of ASEAN,” Laos’ deputy minister of industry and commerce Malaythong Kommasith was quoted as saying.

The value of foreign direct investment (FDI) by Australia in ASEAN member countries reached $1.6 billion, accounting for 0.7 per cent of the total value of direct investment by other countries in ASEAN in 2023.

FDI from New Zealand in ASEAN member countries reached $13.5 million, accounting for 0.01 per cent of the value of FDI in ASEAN last year.

Fibre2Fashion News Desk (DS)