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THE DEPUTY PRIME MINISTER AND MINISTER FOR TRADE |  |
FISCHER SIGNS AGREEMENT IN JAKARTA
Deputy Prime Minister and Minister for Trade Tim Fischer today in Jakarta signed the first agreement between CER countries and the seven ASEAN countries.
Mr Fischer has been meeting his ASEAN and New Zealand counterparts to discuss cooperation between the Australia New Zealand Closer Economic Relations Trade Agreement (CER) and the ASEAN Free Trade Area (AFTA).
The Agreement, a Memorandum of Understanding on Standards and Conformance, provides a framework for cooperation on standards and conformance matters between the two regions. Mr Fischer said he hoped that similar agreements would be reached between CER and ASEAN countries on other areas of interest to business.
Mr Fischer said CER-AFTA cooperation was was now firmly established and of growing importance to business, as it would increase efficiency and reduce transactions costs in trade between the two regions. ASEAN and CER have now created a trade and investment database on the internet, and a customs compendium. Further work on customs, standards, transport and services issues will be undertaken in the coming year.
The Deputy Prime Minister also welcomed the first ASEAN-CER Business Forum held in Jakarta yesterday, which involved senior Australian businesspeople, including from Alcatel Australia, Email, Pilkington Australasia and BHP, meeting their ASEAN counterparts. The business dialogue will continue back-to-back with future ASEAN Business and ASEAN-CER meetings.
Mr Fischer said that Ministers had exchanged views on international economic issues, including developments in APEC and the WTO. ASEAN and CER countries had agreed there was a need for all countries to adhere to their Uruguay Round commitments, and that the forthcoming WTO Singapore Ministerial Conference should provide the impetus to complete unfinished business and commence further work on the WTO Built-In-Agenda.
Finally, Mr Fischer noted the significant increase in trade between ASEAN and CER of 17% between 1994/95 and 1995/96. Two way trade between the two regions approached US$16.4 bn in 1995/96, from US$9.8 bn in 1991/92, an increase of some 67% over the five years, at a trend growth of 14% annually.
JAKARTA
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