Over 12,300 products from ASEAN countries will enjoy a zero tax rate while being
exported to Australia and New Zealand after a new agreement between ASEAN and
the two countries takes effect later this week.
According to the Thai
daily “The Nation”, the ASEAN-Australia-New Zealand Free Trade Area Agreement
will include steps to implement the roadmap of trade liberalisation through
cutting tariffs and standardise regulations on technical criteria, food safety
and hygiene and investment cooperation.
Australia will remove taxes on
5,800 products imported from ASEAN member countries while New Zealand will do so
on 6,500 commodities from the grouping.
This is ASEAN’s fifth FTA with
partner countries, following its agreements with China , Japan , the Republic of
Korea and India . In addition, ASEAN is looking to signing FTAs with countries
under the Gulf Cooperation Council and the Mercosur Trade Bloc, including four
leading Latin American economies namely Argentina , Brazil , Paraguay and
Uruguay./.