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Upgraded Asean-Australia-NZ free trade area deal now in force
The Straits Times
|April 22, 2025
An upgraded agreement between Asean, Australia and New Zealand entered into force on April 21, enhancing business opportunities across a free trade area of over 703 million people, with a combined gross domestic product of more than US$5.6 trillion (S$7.3 trillion).
The deal to upgrade the Asean-Australia-New Zealand Free Trade Area (AANZFTA) was signed in Indonesia in August 2023 to promote opportunities in areas such as e-commerce, investment, services, sustainable development, consumer protection and government procurement.
The agreement enters into force at a time when US President Donald Trump appears bent on reversing decades of globalisation in favour of his protectionist policies that risk slowing down trade and economic growth worldwide.
Singapore's Ministry of Trade and Industry (MTI) said: "The upgrade reflects parties' commitment to uphold an open, inclusive and rules-based multilateral trading system."
This story is from the April 22, 2025 edition of The Straits Times.
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