Under the upgrade, AANZFTA will include additional commitments on services and investment that will benefit exporters and investors. It will also strengthen supply chain resilience and digital technology adoption. The agreement will also include key commitments on sustainable and inclusive trade, facilitating enhanced cooperation on environmental protection, green economy, labor issues, and women’s economic empowerment. According to ASEAN Secretariat News, economic ministers from the four ASEAN member states, namely Brunei, Indonesia, Malaysia, and Singapore, together with their counterparts from Australia and New Zealand, signed the 2nd Protocol, which upgrades the original AANZFTA Agreement which entered into force on January 1, 2010. The rest of the ASEAN member states will sign the 2nd Protocol in due course. The AANZFTA is a market of around 711 million people with a combined GDP of US$ 5.9 trillion, based on data sourced from the International Monetary Fund (IMF) and the...
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