Trade Minister Mark Vaile today welcomed the decision of ASEAN and CER (Australia and New Zealand) Economic Ministers to formalise a Closer Economic Partnership (CEP) to promote economic integration among the 12 countries.

"Ministers have endorsed a Framework which advances the development of the Closer Economic Partnership between ASEAN, Australia and New Zealand, that we agreed to implement last year.  This agreement will assist Australia in continuing to build upon its exports to ASEAN, which hit a record $A15.1 billion last year, a sharp increase of 35 per cent over the previous year," Mr Vaile said following the annual consultations between Ministers from the ASEAN Free Trade Area (AFTA) and the Australia New Zealand Closer Economic Relations Agreement (CER).

"I am very pleased that we have been able to agree to this Framework for a Closer Economic Partnership, building on six years of work on trade facilitation and economic cooperation between our two regions.  For the first time, ASEAN and CER have agreed to formalise their economic relationship in order to further promote trade and investment flows in the region.  We have also agreed on an initial work program in a broad range of areas including customs, e-commerce and small and medium enterprises."

Mr Vaile also announced Australian funding of a new $3.5 million regional initiative to build the internal and border capacities of ASEAN against pests and diseases.

"This initiative will strengthen ASEAN countries' capacities to manage their own pests and diseases, and in this way strengthen Australia's forward defences," Mr Vaile said

Mr Vaile and his regional counterparts also agreed to establish an AFTA-CER business advisory council.  The business council will brief ASEAN, Australian and New Zealand Ministers during their annual consultations on business views on the Closer Economic Partnership.

"This council will comprise high-level representatives from business communities in ASEAN, Australia and New Zealand and will promote business involvement in the closer economic relationship in this region, an area encompassing over 540 million people,"Mr Vaile said.

The Closer Economic Partnership encompasses economies representing a population of over 540 million people, with a combined GDP of over $1 trillion.