An agreement on closer economic tie establishment between Asean with Australia and New Zealand that is expected to take effect by the end of this week will create favourable condition for over 12,300 items of 10 Asean countries to enjoy tax exemption when exporting to these two countries.
Australia will apply tax exemption on 5,800 commodities being imported from Asean members meanwhile New Zealand will also offer the same method on 6,500 commodities, accounting for about 90 percent of total commodities between these two countries with Asean members.
This is the fifth agreement signed between Asean with partner countries after agreements with China, Japan, Korea and India.
Apart from Free Trade Agreement (FTA) with above partners, Asean is also interested in establishing FTAs with countries of the Gulf Cooperation Council and Mercosur Trade block including four leading economies in Latin America namely Argentina, Brazil, Paraguay and Uruguay, as part of efforts to associate with the world economy.
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