Announcement date
21/08/2023
Link to announcement
https://www.trademinister.gov.au/minister/don-farrell/media-release/deepening-economic-ties-our-asean-partners
Problem being addressed
The original AANZFTA, which entered into force in January 2010 for Australia, is no longer meeting Australian consumer and business requirements. Rapidly evolving economic environments have meant that AANZFTA no longer delivers the greatest possible benefits for Australian consumers and businesses, and has fallen behind more recently agreed FTA's between AANZFTA parties.
Proposal
The Impact Analysis focuses on the costs and benefits to Australia of signing the amendment agreement against the status quo option of not signing. The amendment to AANZFTA focuses on improving outcomes in the following key areas:
- rules of origin
- customs procedures
- services and investment
- movement of natural persons
- E-Commerce
- Competition (including consumer protection)
- Government Procurement
- Trade and Sustainable development
- Micro, Small and Medium Enterprises (MSMEs)
Assessed Impact Analysis outcome
Adequate
Assessment Comments
In order to be assessed as good practice, the IA would have had to include more substantial analysis of the potential costs and benefits to businesses, community organisations and individuals, provide more quantitative evidence of the problem being addressed, and include an evaluation plan that would allow for the collection of information to inform future decision making.