The AANZFTA is a comprehensive and single-undertaking free trade agreement that opens up and creates new opportunities for approximately 663 million peoples of ASEAN, Australia and New Zealand - a region with a combined Gross Domestic Product of approximately USD 4 trillion as of 2016. In line with the ASEAN Community Vision 2025, the AANZFTA aims for sustainable economic growth in the region by providing a more liberal, facilitative and transparent market and investment regimes among the twelve signatories to the Agreement. Through the AANZFTA: (i) tariffs will be progressively reduced from entry into force of the Agreement, and eliminated for at least 90% of all tariff lines within specified timelines; (ii) movement of goods will be facilitated via a more modern and flexible rules of origin, simplified customs procedures, and more transparent mechanisms; (iii) barriers to trade in services will be progressively liberalised allowing for greater market access to service suppliers in the region; (iv) movement of business persons, those engaged in trade and investment activities, will be facilitated; and (v) covered investments will be accorded a range of protection, including the possibility of dealing with disputes via an investor-state dispute settlement mechanism. The upgraded AANZFTA Competition Chapter covered these elements: Objectives, Basic Principles, Appropriate Measures Against Anti-Competitive Activities, Cooperation, Confidentiality of information, Technical Cooperation and Capacity Building, Consumer Protection, Consultations, Non-Application of Dispute Settlement)