The Albanese Labor Government is delivering on its trade diversification agenda by making it easier for Australian businesses to take up new opportunities in the fast-growing markets of Southeast Asia.
Australia has ratified the upgraded ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) agreement which will:
- help micro, small and medium businesses benefit from trade in Southeast Asia;
- streamline trade and transportation procedures for importers and exporters, saving them time and money;
- level the playing field for Australian service providers and investors across education, mining and engineering, and finance sectors to compete more fairly;
- better protect e-commerce confidentiality of information and intellectual property; and
- improve labour standards, environmental protections and promote women's economic empowerment.
The Albanese Government has been firmly focused on helping Australian businesses tap into the huge potential in Southeast Asia.
Nearly half a million Australian jobs are linked to trade with Southeast Asia, and we expect this number to grow as we continue to implement Invested: Australia's Southeast Asia Economic Strategy to 2040.
The upgrade builds on the tariff free or preferential access we have on 98 per cent of all tariff lines for Australian exports under AANZFTA.
With the deposit of Australia's ratification, the upgrade will enter into force in 60 days.
