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Today’s Top Headlines

Indonesia Ratifies ASEAN's FTA With Australia-NZ

by Mary Swire,, Hong Kong

11 January 2012

The ASEAN group's Free Trade Agreement with Australia and New Zealand fully came into force for all nations on January 10, 2012, with Indonesia the last party to ratify the agreement.

Head of Indonesia's Trade Ministry, Gusmardi Bustami said that following the entry into force of the agreement 90% of tariffs on trade between Indonesia, Australia and New Zealand will be removed.

Dairy and beef will be free from duties from 2020, along with a list of around 1,000 items. The remainder of items that will not be subject to tariff exemptions, amounting to 4% of goods, will be subject to further negotiation in years to come.

Following the conclusion of negotiations on February 27, 2009, the agreement came into force for most ASEAN nations on January 1, 2010. The agreement was subject to an extended delay in Indonesia on concerns that its terms would negatively impact local producers.

The ASEAN trade bloc comprises of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

TAGS: tax | business | free trade agreement (FTA) | law | tariffs | Australia | food | Indonesia | New Zealand | trade | free trade zone

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