SYDNEY — The Australian government is advancing its trade diversification agenda by facilitating greater access for businesses to fast-growing markets in Southeast Asia.

Australia has ratified the upgraded ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), designed to benefit micro, small and medium enterprises (MSMEs) by streamlining trade and transport procedures, reducing costs and creating a level playing field for Australian service providers and investors in education, mining, engineering and finance.

The agreement also strengthens data security, intellectual property protection in e-commerce and promotes labour standards, environmental protection and women's economic empowerment.

The upgraded AANZFTA builds upon Australia's existing duty-free or preferential access to 98 per cent of tariff lines under the agreement. With Australia's ratification, the deal will take effect in 60 days.

Prime Minister Anthony Albanese’s government is prioritising support for Australian businesses to tap into Southeast Asia’s vast potential.

Currently, nearly 500,000 Australian jobs are linked to trade with the region, a figure expected to grow as the country implements its Invested: Australia's Southeast Asia Economic Strategy to 2040. — VNS