PANO - The Australian Ambassador to Vietnam, HE Mr Allaster Cox, welcomed the entry into force of the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) on 1 January 2010. “This is the largest Free Trade Agreement Australia has ever concluded and the most comprehensive Free Trade Agreement to enter into force for ASEAN. This deal will support industries both in Vietnam and in Australia by promoting exports and building on the complementarities in our trade and investment relationship,” said Ambassador Cox. AANZFTA will reduce or eliminate tariffs across a region that is home to 600 million people and a combined GDP of A$3.1 trillion. Under AANZFTA, Australia has agreed to systematically reduce tariffs on all tariff lines, with 100 per cent of tariffs to be eliminated by 2020. In return, tariffs on 96 per cent of Australia’s current exports to ASEAN nations will be eliminated by 2020. AANZFTA also reduces barriers to services trade and provides protections to … [Read more...] about ASEAN-Australia-New Zealand Free Trade Area enters into force
Economics free trade
China, Japan, S.Korea agree to start free-trade talks
The leaders of China, Japan and South Korea agreed Sunday to start talks this year on a free-trade area, saying it would boost the economies of the entire region. China's Premier Wen Jiabao (L), South Korea's President Lee Myung-bak (C) and Japan's Prime Minister Yoshihiko Noda arrive at a joint news conference of the fifth trilateral summit among the three nations at the Great Hall of the People in Beijing, on May 13. Photo: AFP Chinese Premier Wen Jiabao said closer regional economic integration in response to a slow global recovery and an overall rise in trade protectionism would help unlock new growth potential. "Northeast Asia is the most economically vibrant region in the world. So there is huge potential for our three countries to have closer trade and investment cooperation," Wen told reporters in Beijing. "The establishment of a free-trade area will unleash the economic vitality of our region and give a strong boost to economic integration in East Asia." China, Japan … [Read more...] about China, Japan, S.Korea agree to start free-trade talks
VN, EU push for free trade agreement
A Free Trade Agreement (FTA) between Vietnam and EU will boost economic reform and support development in Vietnam, David O'Sullivan, chief operating officer of the European External Action Service said at a press conference in HCMC. More free trade and trade liberalisation are important for both economies, he stressed. Against the backdrop of persistent macroeconomic challenges that Vietnam has been facing currently, it is important to keep the market open, he said. The FTA can help both sides avoid trade protectionism, especially when Vietnam continues to increase exports in the coming years while waiting for an increase in domestic consumption. Sullivan said he will press for progress in the negotiation of a mutually beneficial EU-Vietnam FTA, which would also act as a catalyst for Vietnam 's economic liberalisation strategy. The EU is already an important trading and investment partner of Vietnam , but there is more potential to be realised. Towards this, "we would like to … [Read more...] about VN, EU push for free trade agreement
Africa targets free trade area by 2017
Africa will target the establishment of a continental free trade area by 2017, said a document issued here at the closing of the 18th summit of the African Union (AU) on Tuesday. "The Continental Free Trade Area (CFTA) should be operationalized by the indicative date of 2017," said the document. The AU has made a three-step plan in preparation for the ultimate CFTA target. The first step is to finalize the tripartite agreement among East African Community (EAC), the Common Market for Eastern and Southern Africa (COMESA), and the Southern African Development Community (SADC) by 2014. The second is to urge other trade blocs to follow the experience of the tripartite agreement and reach parallel agreement between 2012 and 2014. The third is to consolidate the tripartite and other regional free trade areas into CFTA initiative between 2015 and 2016. "Enhanced intra-African trade and deepened market integration can contribute significantly to sustainable economic growth, … [Read more...] about Africa targets free trade area by 2017
Japan, India reach free trade accord
Asian economic powers Japan and India broadly agreed on September 9 on a free trade deal that aims to reduce most tariffs between the two nations in a decade, Japanese foreign minister Katsuya Okada said. The two countries will iron out details before officially signing the pact when Indian Prime Minister Manmohan Singh visits Japan, probably in October, Okada told reporters. The deal comes as Japan continues to seek ways to benefit from robust Asian economies, including rapidly expanding India and China. Japan already has economic partnership agreements with 10 nations and one region-including Singapore, Mexico and the Association of Southeast Asian Nations (ASEAN). Under the deal with India, Tokyo will cut 90 percent of its tariffs on Indian products shipped to Japan over the next decade, Okada said. India will abolish 97 percent of tariffs on Japanese products during the same period, he said, adding that the deal was likely to cover reduced tariffs for Japanese auto parts, … [Read more...] about Japan, India reach free trade accord