31 March 2010
ASEAN Australia New Zealand Free Trade Agreement (AANZFTA)
creates new opportunities for business in Laos
The Australian Embassy, together with the Ministry of Industry and Commerce and with support from the Australian New Zealand Business Association in Laos (ANZBA held a business workshop on the new ASEAN-Australia-New Zealand Free Trade Agreement (the AANZFTA) on 31 March in Vientiane.
Opened by HE Mr Siaosavath Savengsuksa, Vice Minister of Industry and Commerce and the Australian Ambassador, HE Dr Michele Forster, the workshop aimed to introduce the AANZFTA to both the local Lao and Australian business communities. Entitled“Understanding the AANZFTA: Outcomes and Opportunities for Business”, the workshop promoted the opportunities that the Agreement will create for both Lao and Australian business and investors.
“The ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) entered into force in Australia on 1 January 2010 this year and is set to enter into force in Laos shortly” Dr Forster said. “The AANZFTA is the most comprehensive FTA that ASEAN has ever concluded. It covers wide ranging provisions on trade in goods, investment and services, as well factors affecting ‘trade behind the border.”
“We all know that Australia and Laos have sound and growing trade and investment ties. Australian companies have made a strong contribution to Laos’ economic development, particularly in the mining, services, and financial services sectors. The AANZFTA will not only build upon this base, but enable trade and investment links to strengthen and evolve into new areas. Importantly, this will mean that the AANZFTA opens up significant opportunities for both Laos and Australian businesses” added Dr Forster.
For Laos, another very important aspect of the ASEAN-Australia-New Zealand Free Trade Agreement is that is also includes an emphasis on economic cooperation, to build capacity and help maximise the benefits that the FTA delivers to Laos”.
The AANZFTA covers 12 countries, including a population of 600 million people, and encompassing a region with a combined GDP of more than $3.1trillion.
Further information on the AANAFTA, including Guidelines for business, are available at: http://www.dfat.gov.au/trade/fta/asean/aanzfta/index.html