Changes To ASEAN-Australia-NZ FTA Welcomed

New Zealand's trade minister, Tim Groser, has welcomed the signing of a Protocol to amend the Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA).

"The changes included in the Protocol will make AANZFTA more business-friendly, transparent and flexible," Groser said. Mr Groser and other AANZFTA economic ministers signed the Protocol on August 27, 2014, at a meeting in Nay Pyi Taw, Myanmar.

"The Protocol does not change any of the preferences under AANZFTA. Instead it's about tidying up some inefficiencies and unnecessary fish hooks that we know create challenges for exporters," Groser said. "These changes relate to product-specific rules of origin, certificate of origin requirements, and the process for transposition of tariff reduction and origin schedules when the classification documents on which they are based are revised," he added.

The Protocol will now undergo New Zealand's treaty examination process. It is expected that the Protocol will enter into force in early 2015, once negotiations concerning implementation requirements are completed. AANZFTA was signed in 2009 and entered into force for New Zealand in 2010.

Source: Tax News