Phnom Penh, Nov 14 (IANS): New Zealand Prime Minister Jacinda Ardern on Monday wrapped up the annual meeting of the East Asia Summit (EAS) and the Second ASEAN Global Dialogue on Post-Covid-19 Comprehensive Recovery, upgrading a trade deal with ASEAN and Australia.

New Zealand's new free trade agreement (FTA) with the Association of South East Asian Nations (ASEAN) and Australia is expected to be signed and enter into force in 2023, Xinhua news agency quoted Ardern as saying here.

"As the world feels the impact of global economic pressures, the importance of securing high-quality, modern free trade agreements is essential to the economic security of all New Zealanders," she said.

The upgrade to ASEAN-Australia-New Zealand FTA further boosts the trading ties with ASEAN, cutting red tape and costs on businesses and providing greater economic security to New Zealanders, the Prime Minister noted.

ASEAN has become New Zealand's third-largest trading partner.

In 2021, New Zealand exported over NZ$7 billion ($4 billion) of goods and services to the 10 ASEAN countries, equating to almost 10 per cent of New Zealand's total exports, statistics show.