By 2012, tariffs imposed by ASEAN for all Korean products under the Normal TVack would be eliminated. The first negotiating round was held in March 2005, and after 15 more rounds AANZFTA was signed on 27 February 2009. The AANZFTA Agreement is the first comprehensive single undertaking agreement negotiated and signed by ASEAN with a dialogue partner - it covers trade in goods and services, electronic commerce, movement of natural persons (MNP), investment, economic co-operation, dispute settlement mechanism and specific provisions on customs procedures, sanitary and phytosanitary (SPS) measures, standards and technical regulations, intellectual property rights and competition.