Media release
Saturday 14 September 2002 - MVT110/2002
Regional Trade and Investment Set to Double by 2010
Annual trade and investment between Australia, New Zealand and 10
South East Asian nations is expected to be worth $165 billion by 2010,
Trade Minister Mark Vaile said today.
Mr Vaile's comments came after the signing of a Closer Economic Partnership
(CEP) agreement between economic ministers from the Association of
South East Asian Nations (ASEAN) and ministers from the Australia-New
Zealand Closer Economic Relations (CER) agreement.
"Today's agreement demonstrates the commitment of 12 countries Governments
to work towards implementing a work program aimed at doubling the
regions current annual trade from A$32.9 billion to A$65.8 billion
by 2010 and annual investment from A$49.5 billion to A$99.0 billion,"
Mr Vaile said.
"We have committed ourselves to an ambitious target to deliver practical
outcomes in a market comprising 540 million people with a combined
Gross Domestic Product of $1,000 billion.
"Realising the CEP's aim would significantly boost trade, investment
and economic growth and jobs creation by implementing a work program
that would reduce impediments and lower business costs in a broad
range of areas including; customs cooperation, electronic commerce,
standards and conformity assessment.
Mr Vaile said the establishment of a business council comprising
representation from businesses in the ASEAN and CER region would be
vital to the success of the CEP.
"The newly formed AFTA-CER Business Council (ACBC), which met with
Ministers for the first time in Brunei, will be an important partner
in the CEP process.
"The ACBC can make a real contribution to the CEP by letting us know
what business considers priority areas for action."
Mr Vaile said ASEAN and CER Ministers would review the work program
regularly to make sure CEP remains on track," Mr Vaile said.
Media Contact: Mark Croxford +61 02 6277 7420
Local Date:
Friday, 21-Nov-2008 15:59:16 EST
