25 February 2009
Visit to Thailand to sign new ASEAN Free Trade Agreement
The Minister for Trade, Simon Crean, will tomorrow leave for an
official visit to Thailand from 26-28 February to sign the
ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA).
On 27 February in Hua Hin, he will join Trade Ministers from
the 10 member countries of the Association of South East Asian
Nations and his counterpart from New Zealand in signing the
AANZFTA.
This agreement is a milestone in Australia’s economic
engagement with our region.
AANZFTA is the first Free Trade Agreement Australia has signed
since the onset of the global financial crisis. It
demonstrates the Rudd Government’s commitment to
supporting growth in Australia’s trade and investment
with the region.
AANZFTA will cover an area with a combined population of 600
million and GDP in 2008 estimated at A$3.2 trillion. It
will be the largest Free Trade Agreement that Australia has
ever signed, the first multi-country FTA we have signed, and
the most comprehensive FTA that ASEAN has ever concluded.
The agreement will help drive regional economic integration and
sends a positive signal to the rest of the world of the
region’s commitment to open trade flows in these
difficult economic times.
In many cases, the agreement will lock-in low or zero tariff
rates introducing a new safeguard against protectionism.
The agreement also sends an important practical signal to those
nations supporting progress in the World Trade Organization
Doha Round negotiations.
During his visit, Mr Crean will also meet senior ministers in
the new Thai Government. He will register
Australia’s desire to expand further its already close
relationship with Thailand.
Mr Crean will be especially keen to promote Australia’s
commercial interests with ASEAN’s second largest economy
and Australia’s 8th largest trading partner, including in
areas such as mining, education and energy.
In particular, he will be encouraging Thailand to agree to
further negotiations on bilateral trade and investment
liberalisation under the Thailand-Australia Free Trade
Agreement (TAFTA).
He will also encourage closer cooperation with Thailand in
responding to the global financial crisis and securing a
successful outcome to the Doha Round.
As part of his attendance at the signing of AANZFTA, Mr Crean
intends to take the opportunity to advance Australia’s
bilateral trade interests with a number of his trade
counterparts.
Media Inquiries: Mr Crean's office 02 6277 7420 - Departmental Media Liaison 02 6261 1555