A new market of 600 million people with an estimated GDP of around US$ 2.7 trillion – an opportunity few businesses can afford to miss out on. Can you?
After coming into effect on January 10th 2010, the Australia-ASEAN-New Zealand Free Trade Agreement (AANZFTA) is the largest FTA Australia has ever concluded. With six out of ten ASEAN markets expected to grow at rates at least double the forecast OECD average in 2010, Asia is leading the global recovery after the economic downturn and there is great potential for Australian businesses to get a piece of the pie.
Why care? If your business is exporting or importing any product (or part of a product) from Brunei, Burma, Malaysia, the Philippines, Singapore or Vietnam, for instance, then you should care. The AANZFTA is the first such agreement covering all sectors, including intellectual property rights, investment, goods and services, ASEAN has ever negotiated.
Among tariff reductions, the AANZFTA includes new safeguard measures for investors, a decrease in restrictions to business travel within the region, as well as greater stability and certainty in the regulatory and legal environment of ASEAN.
Still not sure why this affects you? Let’s say you want to go on a business trip to Manila, maybe to explore future market entry opportunities, but you don’t have an established professional relationship with a local business yet. AANZFTA includes commitments on temporary business entry of natural persons such as service suppliers, goods sellers and investors that make it easier for you to get in and around the country without having to justify every step you are taking.
42 per cent of our total exporter base – around 18,500 Australian businesses – already trade with ASEAN. Make sure you don’t miss out.
Click here for a list of “ASEAN Made Easy” workshops throughout Sydney, the ACT and the Central Coast.
Stefanie Mueller – International Communications Strategist