ASEAN-Australia-New Zealand FTA
Subscriber Update
Update 9 – August 2006
11th AEM-CER Consultations
Australia, ASEAN and New Zealand Ministers met on 25 August 2006 to discuss the progress of the Australia-ASEAN-New Zealand free trade agreement negotiations. They were attending the 11th annual ASEAN Economic Ministers - Closer Economic Relations (AEM-CER) Consultations in Kuala Lumpur, Malaysia.
Australia welcomed the commitment expressed by ASEAN and New Zealand Ministers to conclude a high quality, comprehensive Free Trade Agreement (FTA) in 2007 as a single undertaking. Ministers also expressed their satisfaction with the progress of the negotiations.
Australia, while pleased with the progress of negotiations to date, noted that further work was needed in areas such as services, investment and some other issues to achieve a solid agreement. Australia acknowledged the challenge of negotiations involving 12 countries with differing trade interests and levels of development.
The ASEAN-Australia-New Zealand negotiations will provide a sound structure for Australia's ongoing economic relationship within the region. The negotiations complement Australia's existing FTAs with individual ASEAN members - Thailand and Singapore - and build our economic linkages with ASEAN as a whole, effectively one of Australia's top trading partners. The negotiations also boost efforts for broader global trade reform at a difficult time for the multilateral system.
The ten countries of ASEAN taken as a single group are a larger trading partner for Australia than Japan, the US or China. Australia's two-way trade with member countries was valued at A$55.1 billion in 2005, with ASEAN countries purchasing close to 11 per cent of Australia's total exports.
Additional Information
Joint Media Statement of the 11th AEM-CER Consultation in Kuala Lumpur, 25 August 2006.
More information on the ASEAN-Australia-New Zealand FTA