Asean, Australia and New Zealand’s upgraded free trade area deal enters into force

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. - ST

SINGAPORE: An upgraded agreement between Asean, Australia and New Zealand entered into force on Monday (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.

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.