In addition to this agreement, we concluded the free trade agreement with Hong Kong at the end of last year. It is the only free trade agreement hong Kong has reached on the agreement it has with China. It complements very well the agreement we have with China and recognizes the fact that many New Zealand companies operate outside hong Kong and want access to the Chinese market.  Australia appreciates the sensitivities and complexities of Japan`s agricultural system. However, to be useful, a free trade agreement must involve agriculture. The ANZFTAA agreement has made it clear that we are capable of addressing sensitivities. So we shouldn`t just focus on the difficulties. 6.48 In order to assess the potential trade benefits of the proposed free trade agreement, an independent economic modelling of the study was commissioned in both countries. The results provide information on the impact that a free trade agreement could have on bilateral trade and investment flows as well as on economic prosperity. … The results indicate that the well-being of both countries would increase with the conclusion of a free trade agreement. Welfare gains for both countries could be 0.15 per cent and 1.14 per cent of gross domestic product (GDP) for India and 0.23 per cent and 1.17 per cent of GDP for Australia. A free trade agreement between Australia and India could only have a negative impact on overall economic performance.
6.35 This study followed the publication in 2005 of a joint study on the costs and benefits of trade and investment liberalization between the two countries, which showed that the Vietnamese Ministry of Planning and Investment predicted that the CPTP could increase Vietnam`s GDP by 1.3 percentage points by 2035 , while EVFTA could increase GDP by 15%. These trade agreements, combined with free trade agreements already signed and to come, should enable Vietnam to remain competitive in the short and medium term. Vietnam`s accession to these trade agreements will also ensure alignment with national standards ranging from workers` rights to environmental protection. Both the CPTPP and the EVFTA require that Vietnam comply with International Labour Organization (ILO) standards. THEO`s Chan Lee said it was an opportunity for Vietnam to modernize its labour laws and industrial relations systems. The government has implemented ambitious structural reform that addresses economic challenges such as public debt, welding, non-trade barriers and environmental sustainability, social justice and emerging macroeconomic stability issues. Australian businesses are generally well received in Vietnam. Australia is considered a modern, technologically advanced and welcoming country, which is located in Vietnam`s immediate interest zone. Long-term trade and investment opportunities are expected to increase in line with Vietnam`s progress in implementing its legislative and administrative reform agenda.
With Indonesia, the agreement has very specific advantages. With regard to changing the trade pattern, I am not sure, because from a New Zealand perspective – which is a little different from Australia – more than half of the products we ship to Indonesia are agricultural products. They are beef and dairy products. I think it is important in a facilitating way and I expect that part of the trade to change. I also expect that service exchanges will change. New Zealand`s education services, for example, are real priorities for the environment and engineering. Some of the benefits we have received from the ASEAN Free Trade Agreement and the Free Trade Agreement with Malaysia would give our two countries some competitive advantages over other service providers. Again, I expect a modest but significant shift towards this part of trade.  6.18 The Deputy High Commissioner of New Zealand said he expected the agreement to signal an increase in trade in services: it is a critical partner on our part, and most importantly, it is perhaps our fastest believe