A seminar was held in the central city of Da Nang on June 23 to introduce the ASEAN- Australia - New Zealand Free Trade Agreement (AANZFTA) to businesses in the central region.
The AANZFTA will liberalise and facilitate trade in goods, services and investment between Australia, New Zealand and member countries of the Association of Southeast Asian Nations (ASEAN). It contains measures to improve goods flows and promote cooperation in a broad range of economic areas of mutual interest.
The AANZFTA entered into force on January 1, 2010 for (and between) the following countries: Australia, Brunei, Malaysia, Myanmar, New Zealand, Singapore, the Philippines, and Vietnam. It entered into force for Thailand on 12 March 2010.
The agreement will enter into force for the remaining three ASEAN member countries - Cambodia, Indonesia and Lao - 60 days after they provide formal notification of the completion of their internal ratification procedures.
Under the terms of the agreement, the participating countries will gradually remove 90-100 percent of their tariff lines from now until 2020.
The enforcement of the AANZFTA is expected to open up opportunities for businesses from Vietnam and other ASEAN nations to fully tap the markets with more than 600 million people in Australia and New Zealand.
The seminar was co-hosted by the Da Nang branch of the Vietnam Chamber of Commerce and Industry (VCCI) and the Australian Consulate General in Ho Chi Minh City./.