Asean summit: Australia unveils ‘most significant’ blueprint to boost trade with region

PM Anthony Albanese pledged a ‘transformation’ was under way as he acknowledged Australia’s economic engagement had not kept pace with Asean’s growth

Canberra will spend US$44 million on a deals team based in the region, and launch an internship pilot scheme for young Southeast Asians, among other initiatives

3-MIN READ3-MIN

Australia’s Prime Minister Anthony Albanese speaks during the Asean-Indo Pacific Forum in Jakarta on Wednesday. Photo: EPA-EFE

Published: 7:58pm, 6 Sep 2023Updated: 9:57pm, 6 Sep 2023

Canberra has unveiled an economic blueprint to do more business with Southeast Asia, including an immediate pledge of A$70 million (US$44.7 million) towards a new Australian “deals team” based in the region.

The blueprint entitled “Invested: Australia’s Southeast Asia Economic Strategy to 2040” said Australia’s investments in the region were “underweight”. Written by Australia’s special envoy to Southeast Asia, Nicholas Moore, it made 75 recommendations, including setting up a deals team to identify and facilitate more mutual investments.

Launching the blueprint at the Asean summit in Indonesia on Wednesday, Prime Minister Anthony Albanese acknowledged despite Southeast Asia’s strong economic growth, Australia’s engagement with the region had not kept pace.

“Today, I announce our government’s strategy for the most significant upgrade of Australia’s economic engagement with Asean for a generation,” he said in a speech at the Asean Indo-Pacific Forum during the summit.

“An overdue strengthening of our engagement to reflect the speed of the transformation under way – and the scale of the opportunities ahead.”

Canberra also immediately committed nearly A$20 million to a Southeast Asia Business Exchange that would boost trade, as well as A$6 million towards a placement and internship pilot programme for young professionals from the region.