Upgraded ASEAN-Australia-New Zealand Free Trade Area Agreement in force
28 May 2025
On 21 April 2025, the Ministry of Trade and Industry (“MTI”) announced that the Upgraded Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (“Upgraded AANZFTA” or “Agreement”) has entered into force.
The MTI press release notes that the Upgraded AANZFTA reflects the parties’ commitment to uphold an open, inclusive and rules-based multilateral trading system. It also ensures that the Agreement remains relevant and responsive to evolving global challenges.
Further to the Upgraded AANZFTA, businesses will benefit from:
- more sourcing options and production efficiencies in meeting the Agreement’s rules of origin;
- time and cost efficiencies arising from streamlined processes for transit arrangements for consolidated shipments;
- greater certainty on the flow of essential goods in times of crisis through expediting the movement, release and clearance of essential goods;
- more transparent and business-friendly regulations in professional, education, financial and telecommunication services;
- improved digital connectivity through alignment of digital trade standards and interoperability in e-invoicing;
- better protection for businesses and consumers;
- cooperation to catalyse green opportunities; and
- improved dispute processes with better protection for consumers.
Reference materials
The MTI press release is available on its website www.mti.gov.sg.