Southeast Asia and investing in our economic prosperity
Australia and Southeast Asia’s trade interests are inextricably linked. ASEAN countries are Australia’s second largest trading partner as a bloc, with five Southeast Asian countries (Singapore, Malaysia, Thailand, Indonesia and Vietnam) in our top 15 trading partners for 2019-2020. Southeast Asia’s response and recovery to the pandemic will heavily shape the trajectory of our own.
Promoting open, diverse rules-based trade in the region will be vital for our shared economic recovery. This is why Australia is fast-tracking our regional economic engagements – including, accelerating ratification and implementation of the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade agreement, and upgrading the ASEAN‑Australia-New Zealand Free Trade Area (AANZFTA).
We are also working closely with our bilateral partners and neighbour to provide mutually beneficial economic opportunities, including:
- working with Vietnam on an Enhanced Economic Engagement Strategy to help diversify our supply chains and build trading links in a dynamic market
- advancing our Australia‑Singapore Digital Economy Agreement to harness digital transformation and technology to expand our trade and economic ties, and
- progressing our Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) to ensure Australian businesses are best positioned to share in Indonesia’s raid economic growth.
We are continually working to bolster our economic engagement, facilitate more trade and investment, and empower Australian businesses to grow, prosper and deliver new jobs.