We are negotiating a revaluation of our existing free trade agreement with ASEAN to modernize it, further reduce export barriers and boost trade in the region. The South Pacific Regional Trade and Economic Cooperation Agreement (SPARTECA) is a non-reciprocal trade agreement in which NZ (with Australia) provides preferential tariff treatment for certain products that are the production or production of Pacific Forum countries (known as the Forum Island Countries). For NZ products exported to an Island Country Forum, there is no preferential rate. As soon as 70% of customs positions come into force will be duty-free for goods entering Taipei. Levies on the remaining lines will decrease over a 12-year period. Information on rules of origin for imports from Chinese Taipei and exports to Chinese Taipei is presented in fact sheet 48 (PDF 346 KB). Now is the time to write the next chapter on the way to an internal market for the economy. During my visit, I discussed with Prime Minister Key the remarkable progress made in the SmartGate project to create borderless travel between our two countries. This month, a joint study will be launched to explore how we can create a true “domestic” aviation experience. AANZFTA is Australia`s first multi-country free trade agreement.
This is the first time that Australia and New Zealand have participated together in the negotiations of a free trade agreement with third countries. This is the first time ASEAN has entered into negotiations for a free trade agreement in all sectors, including goods, services, investment and intellectual property. This is the most comprehensive trade agreement ever negotiated by ASEAN. Organizations such as CANZUK International have also called for the ERC and Trans-Tasman Travel to be extended to the UK and Canada, allowing free trade and free movement of people in four of the Commonwealth`s largest empires. The ERC was built on the former New Zealand Free Trade Agreement (NAFTA), signed on August 31, 1965 and entered into force on January 1, 1966. NAFTA had lifted four-fifths of tariffs between the two countries and quantitative restrictions on trade in the Tasmanian Sea. But it was deemed too complex and bureaucratic, and in March 1980 a joint statement by the Prime Minister was issued calling for “closer economic relations.” The Trans-Pacific Strategic Economic Partnership Agreement (P4) is an agreement between Brunei Darussalam, Chile, Singapore and NZ. The P4 agreement, which represents “Pacific 4,” came into force in 2006. Under P4, most tariffs on goods traded between Member States were immediately abolished, with the remaining tariffs expiring (until 2015 for Brunei Darussalam and 2017 for Chile). The ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) is one of the most dynamic economic regions in the world. AANZFTA wanted to link the ASEAN Free Trade Area (AFTA) to the Australia-New Zealand (CER) Agreement on Closer Economic Relations.
This resulted in the AFTA-CER Closer Economic Partnership Agreement (CEP). The main objective of the agreement was to deepen economic integration through a work programme focused on trade facilitation and capacity building, but provided little comprehensive trade coverage. Exports of goods to ASEAN have increased by more than 40% since 2012, making ASEAN the third largest merchandise export target after Australia and China. In addition, services exports to ASEAN nearly doubled between 2012 and 2018 to $1.6 billion, up from $866 million. Find out how our other free trade agreements compare with ASEAN members. AANZFTA has also allowed us to open our markets and expand our trade in six countries where we do not have bilateral free trade agreements, including Indonesia, the Philippines and Vietnam, but also Myanmar, Brunei and Laos.