ASEAN-Australia-New Zealand Free Trade Agreement
The Association of South East Asian Nations (ASEAN) comprises Burma, Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, The Philippines, Singapore, Thailand and Vietnam.
Australia’s largest free trade agreement, the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) is expected to came into force on 1 January 2010.
AANZFTA represents a population of 600 million and combined GDP of over A$3 trillion in 2008. As an integrated market, the ASEAN is our second largest trading partner and third largest export market.
In 2008, Austrade's two-way trade with ASEAN was worth $88.883 billion. This level of trade is bigger than our trade with Japan or China or the United States.
Despite the global economic downturn, economic growth across ASEAN member countries is predicted to be well above global average in the coming years. According to the recent IMF World Economic Outlook, six out of ten ASEAN member countries–Indonesia, Thailand, Philippines, Malaysia, Vietnam and Singapore expected to grow at more than four per cent in 2010.
ASEAN markets are not saturated by Australian goods and services.
There are broad complementarities between the economic, social development and services needs of ASEAN markets and supply capability of Australian industry. ASEAN’s low cost structure plus 600 million consumers and proximity make ASEAN an attractive export destination for Australian companies.
Over the coming 12 months, Austrade will be providing increased market intelligence and access to ASEAN economies. Our program of activities will start on 15 October 2009 with our first ASEAN now! the place to grow seminar (www.austrade.gov.au//ASEANnow).
The seminar series will travel nationally across Australia from 15 to 30 October to provide information and advice about the Australia-ASEAN-New Zealand Free Trade Agreement (AANZFTA) and the trade and investment opportunities that it will create. Additionally it will focus on doing business in ASEAN and the business opportunities that you can’t afford to miss.
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