Sat, October 16, 2021

business

Asean trade talks with Australia, NZ, India bear fruit


Asean, Australia and New Zealand are to upgrade their free trade agreement by 2022, while Asean Economic Ministers (AEM) in consultations with India have resolved to increase the free trade in goods and provide increased inter-market access in hopes of creating a market of more than 2 billion consumers.

Deputy Commerce Minister Sansern Samalapa told reporters on Sunday that the 26th AEM-Asean discussions with Australia and New Zealand on September 15 had welcomed the progress in negotiations on upgrading the Asean-Australia-New Zealand Free Trade Area (AANZFTA) agreement.

The meeting also acknowledged the importance of the AANZFTA Economic Cooperation Support Programme in implementing the agreement, with officials looking forward to a successor programme by 2022.

Sansern said officials also exchanged views on Chile’s wishes to join the AANZFTA, which would play an important role in trade linkage between Asean and the Latin American region.

As for the 18th AEM-India Consultations held on September 14, Sansern said the meeting discussed the ASEAN-India Trade in Goods Agreement (AITIGA). The resolution of the AITIGA is to be accelerated to establish a joint committee in order to proceed with the agreement, which would be beneficial for both parties as this would form a combined market of more than two billion consumers.

“Thailand has emphasised the goal of making the AITIGA agreement to broaden modern market access, reduce trade barriers and provide more facilities for traders,” Sansern added.

 

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Published : October 04, 2021