Media Release
12 October, 2009
South East Asia resilience and FTA create new business opportunities
A seminar series: ASEAN Now! The place to grow will be opened by the Parliamentary Secretary for Trade, Anthony Byrne in Melbourne on Thursday, 15 October.
ASEAN Now! The place to grow will help businesses prepare for commercial opportunities arising from Australia’s largest trade agreement–the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA).
AANZFTA is Australia’s first multi-country FTA and the most comprehensive FTA ever concluded by ASEAN.
“Covering a market of 600 million people and a combined GDP of more than A$3 trillion, AANZFTA presents significant business, export and investment opportunities for Australia,” Minister for Trade, Simon Crean said.
“ASEAN’s resilience during the global economic downturn and sound economic growth in the coming years will further enhance prospects for Australian businesses when the historic FTA comes into force on 1 January 2010.”
According to the IMF, in 2010 six out of 10 ASEAN member countries are expected to grow at significantly higher rates than the advanced economies–with Indonesia, Thailand, Philippines, Malaysia, Vietnam and Singapore expected to grow at four per cent or slightly more.
“AANZFTA is the first free trade agreement Australia has signed since the onset of the global financial crisis. It demonstrates this Government’s commitment to keeping trade flows open and pursuing economic growth during challenging times.
“As ASEAN converges towards economic integration in 2015, this agreement will accelerate Australia’s participation in a region that is crucial to our nation’s economic future,” Mr Crean said.
In addition to Parliamentary Secretary Anthony Byrne, speakers at the seminar series will include senior officials from Austrade, the Department of Foreign Affairs and Trade, and representatives from Australian businesses already operating in the region.
Participants will get insights into current business conditions, market trends, developments and market access when the free trade agreement comes into force in January 2010.
Mr Byrne said, “AANZFTA will open access for Australian goods, services and investment in Australia’s closest and fast growing markets.
“As a group, ASEAN is one of Australia’s largest trading partners, with two-way trade valued at $88.9 billion in 2008. This is larger than Australia’s trade with Japan or China or the United States.
“ASEAN is also our fastest growing source of investment. Between 2003 and 2008, investment from ASEAN into Australia grew by 110 per cent, from $7.3 billion to $15.4 billion. This rate of growth is more than twice that of the European Union–our biggest source of investment.
“AANZFTA will strengthen this important economic partnership and complement our bilateral FTAs with Singapore and Thailand,” Mr Byrne said.
The Association of South East Asian Nations (ASEAN) comprises of Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Burma (Myanmar), Philippines, Singapore, Thailand and Vietnam.
The ASEAN Now! The place to grow seminars will be jointly presented by Austrade and the Department of Foreign Affairs and Trade. The event will commence in Melbourne (15 Oct) and continue in Sydney (19 Oct), Brisbane (22 Oct), Canberra (27 Oct), Adelaide (28 Oct), Perth (28 Oct), Darwin (30 Oct), and Hobart (30 Oct).
For more information on the seminars or to register, visit www.austrade.gov.au/aseannow or call 13 28 78. .
Media contact: Parliamentary Secretary’s Office, Alexandra Stalder
Purnima Ganapathy (Austrade) Ph: (02) 9390 2319;