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September 12, 2023

Australia’s Looking To Boost Trade With SouthEast Asia

Australia has drafted a new national strategy for more effective trade and investment with Southeast Asia and initiatives to promote economic relations between the two regions. Let’s find out more about this.

Recently, Anthony Albanese, the Australian Prime Minister declared a new strategy for better trading with Southeast Asia.

A joint statement was released by Albanese, Foreign Minister Penny Wong, Treasurer Jim Chalmers and Trade Minister Don Farrell stating Australia’s Southeast Asia Economic Strategy for 2040. 

Special Envoy for Southeast Asia Nicholas Moore drafted a blueprint which showcases the following:

  • How Australia will enhance the trade relations with the region.
  • 75 recommendations to boost partnerships with Asian nations.

It specified 10 priority sectors delivering the most potential for economic development. It includes sectors such as:

  • Agriculture and food
  • Infrastructure
  • Healthcare
  • Education and skills

What Did The Joint Statement Say?

According to the statement, around A$95.4 million ($60.8 million) has been promised by the government to fund:

  • Investment deal teams in the region
  • Southeast Asia business exchange program
  • Placement and internship programs for young professionals

Albanese has also stated that Australian businesses will gain major opportunities through the fast-growing economies of Southeast Asia. He added that with this strategy they can harness this growth and capture the regions trade and investment opportunities.

The strategy says that the worth of Australia’s two-way trade with Southeast Asian countries was around A$178 billion in 2022.

It also calls on the government to reduce  foreign investment barriers, fast-track visas, and also expanding air links with:

  • Malaysia
  • Philippines
  • Thailand
  • Vietnam

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