26 August 2008

Minister Crean to attend ASEAN and East Asia Summit meetings in Singapore

Minister for Trade, Simon Crean, will visit Singapore from 27 to 29 August to attend the Annual Economic Ministers Meeting between ASEAN, Australia and New Zealand. He will also participate in a meeting of East Asia Summit Economic Ministers and hold bilateral meetings with other regional Trade Ministers focusing in particular on the WTO Doha Round.

A key objective of the ASEAN, Australia and New Zealand meeting will be to conclude the Australia ASEAN New Zealand Free Trade Agreement (AANZFTA) negotiations.

“AANZFTA aims to bring together two highly successful regional economic groupings – the ASEAN Free Trade Area (AFTA) and the Australia and New Zealand Closer Economic Relations Trade Agreement (ANZCERTA), Mr Crean said.

AANZFTA brings together 12 countries with a combined population of 600 million people and combined GDP of over $A2 trillion.

“AANZFTA will provide a framework for closer trade and economic integration amongst the 12 countries which are at different stages of economic development.

“An agreement of this nature will greatly assist the lesser developed countries in the region to catch up to the levels of prosperity enjoyed by the more developed economies.

Two-way trade in goods and services with ASEAN was $71 billion in 2007, or around 15.6 per cent of Australia’s total trade.

“If successfully concluded AANZFTA will cover more of Australia’s trade than any other free trade agreements we have entered into, Mr Crean said.

“Conclusion of AANZFTA will be another important step towards greater trade and investment liberalisation in our region. It will provide particular impetus to APEC’s agenda for an APEC wide FTA.

The Singapore meeting will also provide the first opportunity for regional Trade Ministers to focus on the steps that need to be taken to lock in the gains made at the July WTO meeting in Geneva and to help build further political momentum to conclude the main negotiating phase of the Doha Round this year.

Media Inquiries: Mr Crean's office 02 6277 7420 - Departmental Media Liaison 02 6261 1555