• Subject Name : TRADE

How AANZFTA is Good for Business

Atrade agreement is defined as the extensive line-up fees, excise, and business agreement that usually comprise interest contracts. The trade agreement also has a crucial effect on business and interest globally (Britannica, 2018). They are in charge of bringing up trade connections between the firms worldwide such as the AANZFTA. To make this agreement good for business, leaders must be confidential with trade agreements to improve their buyers' perception needs and monetary concerns. Some states have also set up free business treaties, and they are in the enlargement operation, while other countries have set up business opportunities and ordinary retail. The expansion has intense results on tiny trade globally (Britannica, 2018). A free business extent is established when more than one countries create privileged business easiness plans by getting rid of significantly lower blockage between themselves.

AANZFTA is very beneficial and quite advantageous in an export business. It creates a friendly environment between the involved member countries, making import and export efficient and fair. The ASEAN-Australia-New Zealand FTA has been delivering tangible benefits to Australian businesses since entering into force in the year 2010 (AANZFTA, 2020). AANZFTA is among Australia's most ambitious free trade agreements till date. Lower tariffs and reduction in the trade barriers have created high-quality goods that are very cheap in their prices. Australia and New Zealand have been very progressive economies in the world; it can provide growth to other ASEAN countries.

As mentioned above as there are a lot of benefits of these trade policy. Some of them can be listed as follows (Australian Trade and Investment Commission, 2020):

  1. It enables in the smooth flow of goods and services among various countries.
  2. It helps and assists in reducing the trade barriers like quotas and tariffs to improve business activities and trading among different countries.
  3. It gives support in boosting economic growth in member countries - through stimulating the business awareness, business to government dialogue and conversation as well as by way of engagement in economic cooperation and collaboration among business.
  4. It helps in extensive tariff reduction and elimination commitment among various member countries of the trade agreement.
  5. It has created a huge global platform for economical cooperation projects.
  6. It has also enabled a huge amount of mobility of transport which is helpful in more trading and business activities among the countries.
  7. With the help of AANZFTA the market has upgraded and enhanced itself as the market is now much more accessible to the countries for trading and business operations.
  8. Another major benefit that AANZFTA has brought is framework of settlement of disputes and conflicts that can happen in between the investors and the member states.

Thus, AANZFTA has brought about a revolution by uniting the countries of the world and playing a huge role in assisting the countries in the movement of free trade by reduction of the tariffs and import duties. It has also enabled in uniting the countries to a common goal.

References for Trade Agreement

AANZFTA. (2020). Overview: The ASEAN-Australia-New Zealand Free Trade Area (AANZFTA). Retrieved from: https://aanzfta.asean.org/aanzfta-overview#:~:text=The%20AANZFTA%20is%20a%20comprehensive,4%20trillion%20as%20of%202016.

Australian Trade and Investment Commission. (2020). ASEAN–Australia–New Zealand Free Trade Agreement. Retrieved from: https://www.austrade.gov.au/Australian/Export/Free-Trade-Agreements/AANZFTA

Britannica. (2018). Trade agreement. Retrieved from: https://www.britannica.com/topic/trade-agreement.

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