Australia has an open market with minimal restrictions on import of goods and services, which makes the economy highly productive and dynamic. Australia has FTAs, under bilateral and multilateral arrangements, with New Zealand, Singapore, USA, Thailand, Chile, ASEAN, Malaysia, Korea, Japan, China, Hong Kong, Peru, Brunei Darussalam, Canada, Mexico and Vietnam. An Indonesia-Australia Comprehensive Economic Partnership Agreement has came into force on 5 July 2020. A comprehensive regional Free Trade Agreement (FTA) covering goods, services and investment between Australia, New Zealand and nine Pacific Island countries, named Pacific Agreement on Closer Economic Relations (PACER) Plus, entered into force on 13 December 2020. Australia is currently negotiating FTAs with EU, GCC, UK and India.