The agreement between Australia, New Zealand and 10 countries in the Association of South East Asian Nations (ASEAN) first entered into force in 2010.

It has been updated several times, most recently in 2023.

This Second Protocol to the AANZFTA contains some new provisions, including a digital trade chapter, and retains some old provisions that recent governments have refused to include in recent agreements, in particular the special rights for foreign investors to sue the government offshore for measures that adversely affect their profit or value.

The Waitangi Tribunal agreed these posed a risk that governments would shy away from adopting Tiriti-based measures for fear of such a dispute.