Often sensitive industries such as those dependent on agricultural resources are left out of FTAs. On the other hand, FTAs can bring in specific non-WTO 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 the AANZFTA will be a more difficult agreement to develop to fruition than have bilateral agreements between the parties.