Vaile Welcomes ASEAN Foreign Ministers' Support for FTA

The announcement by ASEAN Foreign Ministers welcoming the proposal to launch negotiations on an ASEAN, Australia and New Zealand Free Trade Agreement was great news for Australia, Trade Minister Mark Vaile said today.

"The Foreign Ministers' support for the FTA proposal is yet another indication of the strength of economic ties between Australia and the countries of ASEAN," Mr Vaile said.

The announcement by Foreign Ministers follows an earlier decision by ASEAN Economic Ministers in April of this year supporting consideration of an FTA between ASEAN, Australia and New Zealand.

"An FTA would build on the already close trade and investment links between Australia and the ASEAN region," Mr Vaile said.

"Australian exports to ASEAN grew by 40 per cent year-on-year to May 2004. With a population of around 500 million people and a combined GDP of US$737 billion, ASEAN offers exciting prospects for Australian exporters. An FTA would allow Australia to expand its presence even further in this enormous and growing market."

Officials from ASEAN, Australia and New Zealand are already working closely together, exploring ways to carry the FTA proposal forward. Australia will host the next round of officials' talks in Sydney on 16-17 July before trade ministers meet in Jakarta on 4 September.

"I am looking forward to discussing moves to launch an FTA with my colleagues from ASEAN and New Zealand when we meet in Indonesia in September," Mr Vaile said.

Contact: Matthew Doman (Ministerial) on 02 6277 7420