7-9-2023 (JAKARTA) Australia has unveiled a comprehensive national strategy aimed at enhancing trade and investment ties with Southeast Asia. The initiative comes as Australia seeks to bridge the gap between its economic engagement with Southeast Asian nations and the region’s robust growth. Prime Minister Anthony Albanese presented the strategy during the Association of Southeast Asian Nations (ASEAN) Summit and the ASEAN Indo-Pacific Forum.
The newly launched document outlines Australia’s agenda to promote bilateral trade and investment with the ASEAN region from now until 2040. It identifies key sectors, including agriculture, energy security, clean energy transition, infrastructure, education, digital economy, and tourism, as crucial areas for collaboration.
Prime Minister Albanese highlighted the remarkable growth currently being experienced by Southeast Asia. He emphasized that the region is poised to become the world’s fourth-largest economy by 2040 and stressed the need for Australia to capitalize on the abundant opportunities it presents. Despite the existing trade and investment ties between Australia and Southeast Asia, they have not kept pace with the rapid expansion of Southeast Asian economies. Prime Minister Albanese expressed Australia’s determination to rectify this disparity and maximize the potential benefits for both regions.
To raise awareness of business opportunities between Australia and Southeast Asia, Australian Special Envoy for Southeast Asia Nicholas Moore emphasized the importance of increasing awareness of the Southeast Asian region among Australian businesses. He believes that the recommendations outlined in the strategy will help Australian trade catch up with the region’s growth and attract more foreign direct investments from Australia.
The national strategy includes 75 recommendations, three of which were immediately adopted by the Australian government upon its launch. Prime Minister Albanese pledged US$60 million to support initiatives aimed at deepening cooperation with the ASEAN bloc. These initiatives include establishing teams in Southeast Asia to identify and support opportunities for Australian investors, implementing a business exchange program to boost bilateral trade, and creating a young professionals’ exchange initiative to foster stronger business links. The remaining recommendations will be reviewed annually by Australia’s foreign and finance ministries to ensure the strategy remains on track.
Mr. Moore acknowledged that there are still challenges hindering the flow of people and investments between Australia and Southeast Asia. He emphasized the need for streamlined systems to facilitate easier access, such as mutual recognition of qualifications across the regions. One of the strategy’s recommendations calls for reforms to the Australian migration system to make it more favorable for Southeast Asian businesses. Prime Minister Albanese confirmed that his administration is currently conducting a comprehensive review of the migration process, including visa accessibility.
Prime Minister Albanese underscored the significance of ASEAN to Australia and highlighted the shared belief in the potential and opportunities of the region. He invited ASEAN leaders to a special summit in Melbourne next year, commemorating the 50th anniversary of ASEAN-Australia dialogue relations.
