Often sensitive industries such as those dependent on agricultural resources are left out of FTAs. On the other hand, FTAs can bring in specific nonWTO aspects like competition policy to facilitate trade. In this paper, the development of the AANZFTA is analysed within a framework characterising “good” FTAs, and in terms what it may deliver with respect to resource-based industries. Past FTAs involving partner countries, changes over time, interviews with and submissions from relevant parties are analysed. The analysis suggests that a comprehensive AANZFTA will be a more difficult agreement to develop to a successful fruition than have bilateral agreements between the parties.