Aanzfta Agreement

January 21, 2022

International investment treaties (IIAs) are divided into two types: (1) bilateral investment treaties and (2) investment treaty agreements. A bilateral investment agreement (BIT) is an agreement between two countries on the promotion and protection of investments made by investors from each country in the territory of the other country. The vast majority of IIAs are BITs. The category of investment provision contracts (IPTs) combines different types of investment agreements that are not BITs. Three main types of TIP can be distinguished: 1. global economic contracts that contain obligations commonly found in BITs (e.g. B a free trade agreement with an investment chapter); 2. contracts with limited investment provisions (e.g. B only contracts for the installation of installations or the free transfer of funds linked to the investment); and 3. Contracts containing only “framework clauses”, such as those relating to cooperation in the field of investment and/or a mandate for future negotiations on investment issues.

In addition to IIAs, there is also an open category of investment-related instruments (IRRI). It includes various binding and non-binding instruments and includes, for example, model agreements and draft instruments, multilateral conventions on dispute settlement and arbitration rules, documents adopted by international organizations and others. AANZFTA is a comprehensive economic agreement with a single company that opens up and creates new opportunities for the 650 million people in ASEAN, Australia and New Zealand, who have a total economic output of $4.2 trillion through a platform of a more liberal, easier and transparent market access and investment regime among the signatories of the agreement. The number of countries participating in AANZFTA makes this agreement New Zealand`s largest plurilateral free trade agreement and an important element in the development of our relations with Southeast Asia. AANZFTA is an agreement between ASEAN member states; Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, Vietnam and the Philippines; and New Zealand and Australia. ASEAN Australia New Zealand Free Trade Agreement, Joint Committee Meeting, May 2017 For more information on the agreement, please see the following link: aanzfta.asean.org`AANZFTA has also allowed us to open our markets and expand our trade to six countries where we do not have bilateral free trade agreements – in particular Indonesia, the Philippines and Vietnam, but also Myanmar, Brunei and Laos. All of these free trade agreements now operate simultaneously with AANZFTA, in addition to the Singapore Closer Economic Partnership (2000). AANZFTA was born out of a desire to explore a link between the ASEAN Free Trade Area (AFTA) and the Australian-New Zealand Agreement on Closer Economic Relations (CER). This led to the AFTA-CER Closer Economic Partnership Agreement (CEP). The main objective of the agreement was to deepen economic integration through a work programme focusing on trade facilitation and capacity building, but offered little comprehensive trade coverage. AANZFTA was the first plurilateral free trade agreement negotiation launched by New Zealand and Australia as a joint party.

It was also the first time that ASEAN had begun comprehensive negotiations on free trade agreements covering all sectors at the same time. AANZFTA is Australia`s first multi-country free trade agreement. This is the first time that Australia and New Zealand have jointly participated in negotiations for a free trade agreement with third countries. This is the first time asean has begun negotiations on a free trade agreement covering all sectors, including goods, services, investment and intellectual property. This makes it the most comprehensive trade agreement ever negotiated by ASEAN. Find out how our other free trade agreements compare to ASEAN members. In parallel with the AANZFTA negotiations, New Zealand successfully concluded the bilateral free trade agreements with Thailand (2005) and Malaysia (2010). More recently, New Zealand has also successfully completed and ratified the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), which also includes Vietnam, Singapore, Brunei Darussalam, Malaysia and Australia. .