Press Release – New Zealand Government
Australia’s Trade Minister, Craig Emerson, and New Zealand’s Minister of Trade, Tim Groser, today welcomed Indonesia’s announcement that it had completed domestic procedures to enable the Agreement Establishing the ASEAN-Australia-New Zealand Free …The Hon Dr Craig Emerson
Australian Minister for Trade
The Hon Tim Groser
Minister of Trade
Indonesia Enters Asean-Australia-New Zealand FTA
Australia’s Trade Minister, Craig Emerson, and New Zealand’s Minister of Trade, Tim Groser, today welcomed Indonesia’s announcement that it had completed domestic procedures to enable the Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) to enter into force for Indonesia. AANZFTA is already in force for Australia, New Zealand and the other nine ASEAN member countries.
“This means that from 10 January 2012 businesses on both sides of the Tasman will be able to capitalise on the FTA’s considerable opportunities for mutually advantageous trade with Indonesia – one of our most important trading partners,” said Mr Groser.
Indonesia is a major emerging economy with the world’s fourth largest population. It is the largest economy in South East Asia accounting for over one third of ASEAN’s GDP and is expected to be one of the world’s top 10 economies by 2030. “Indonesia’s importance to Australia and New Zealand will only grow,” said Dr Emerson.
ASEAN’s total trade with Australia and New Zealand was just under A$90 billion in 2010.
“AANZFTA is a high-quality, regional trade agreement that provides benefits to all of its parties,” said Mr Groser. Both Ministers urged their business communities to pursue actively the opportunities presented under this FTA.
By 2015, Australian and New Zealand exporters will receive tariff-free treatment in Indonesia on more than 90 per cent of tariff items, compared with only 11 per cent now.
“AANZFTA will also give greater certainty to Australian and New Zealand investors and services suppliers in Indonesia,” said Dr Emerson.
AANZFTA is part of Australia and New Zealand’s drive towards growth in trade through achieving more open markets and closer regional economic integration.
The Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area – AANZFTA – entered into force on 1 January 2010 for eight of its 12 signatories: Australia, New Zealand, Brunei, Burma, Malaysia, the Philippines, Singapore and Vietnam; for Thailand on 12 March 2010; for Laos and Cambodia on 1 and 4 January 2011 respectively.