Truss to visit Manila for high-level trade talks

Australian Government Minister for Trade, Warren Truss, will visit Manila from 25 to 26 August to attend the 12^th annual ASEAN Economic Ministers - Closer Economic Relations consultations and the East Asia Summit Economic Ministers meeting.

Mr Truss said the annual AEM-CER consultations (AEM-CER) bring together Ministers from the 10 ASEAN countries with the Trade Ministers of Australia and New Zealand (the parties to the CER Agreement).

“The AEM-CER consultations provide an important opportunity to review the progress of the Free Trade Agreement (FTA) negotiations between Australia, New Zealand and the ASEAN countries,” Mr Truss said.

“The FTA negotiations have entered the substantive market access phase. We are now engaging more intensively on the elements needed for a comprehensive, quality agreement.”

Mr Truss said flexibility was needed from all sides to find a way forward on difficult issues.

“I am convinced that a good agreement will help to promote greater regional investment and trade flows, which are drivers of growth.

“Ministers at the AEM-CER will also be briefed on developments for the forthcoming APEC Economic Leaders’ week of meetings and we will discuss ways in which Ministers can work together to advance the WTO Doha Round of trade negotiations,” he said.

While in Manila, Mr Truss will attend the East Asia Summit (EAS) Economic Ministers meeting to consider progress on deepening regional economic integration.

Mr Truss said Leaders had agreed on a number of initiatives including developments on the track-two study for a Comprehensive Economic Partnership in East Asia (CEPEA) and on the establishment of an Economic Research Institute for ASEAN and East Asia (ERIA).

“I will take the opportunity to highlight Australia’s interest in closer regional financial cooperation and integration, to promote sustained economic growth and financial market stability in East Asia,” he said.

The EAS comprises the 10 countries of ASEAN, Australia, China, India, Japan, New Zealand and the Republic of Korea.

The EAS-member countries collectively account for 58 per cent of Australia’s goods and services exports. In 2006, Australian goods exports to the other 15 EAS countries grew 21 per cent to $94 billion.

Media Inquiries: Minister Truss' office 02 6277 7420 - Departmental Media Liaison 02 6261 1555