On 1 August 2010, the NZ-Malaysia FTA (signed in October 2009) entered into force. This FTA built on concessions made in the ASEAN- Australia-NZ FTA (AANZFTA) which entered into force earlier this year. Although the AANZFTA contained an investment chapter, this does not apply as between New Zealand and Australia due to a February 2009 exchange of letters between the two countries’ trade ministers. One of the reasons for this carve-out is that New Zealand and Australia have been negotiating an