A meeting between ASEAN economic ministers and their counterparts from Australia and New Zealand held in Vientiane on Aug 4 was told that there is still considerable untapped potential in the trade and investment relationship between the bloc and the two countries.

Last year, the total merchandise trade between ASEAN, Australia, and New Zealand amounted to USD 60.3 billion, representing 2.6% of ASEAN’s total trade. 

Meanwhile, foreign direct investment (FDI) flows from the two countries to ASEAN amounted to US$ 7.4 billion, equivalent to 6.2% of total FDI inflows into ASEAN.

At the 21st AEM – CER (Closer Economic Relation- CER) Consultations, the ASEAN and Australia and New Zealand ministers underscored the underlying objectives of the FTA which are to promote and facilitate trade and investment and deepen cooperation amongst parties.

The consultations was co-chaired by the Minister of Industry and Commerce Khemmany Pholsena, Australian Minister of Trade, Tourism and Investment Steven Ciobo, and New Zealand Minister of Trade Todd McCay.

The ministers discussed the new AEC Blueprint 2025, which envisages an AEC by 2025 that is highly integrated and cohesive, competitive, innovative and dynamic, with enhanced connectivity and sectoral cooperation, a more resilient, inclusive and people-oriented, people –centred community, and integrated with the global economy.

Australia and New Zealand are supporting the AEC in practical ways, including through the implementation of the ASEAN-Australia –New Zealand FTA and its economic cooperation support programme.

Source:
courtesy of KPL NEWS AGENCY

by KPL News Agency

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