| A new economic blueprint to bolster two-way trade between Australia and South-East Asian nations is as critical for national and regional security as it is for business prosperity, the Albanese government says.
Chinese Premier Li Qiang told the ASEAN summit that countries in the region needed to set aside their differences and co-operate, rather than engage in “a new Cold War”.Mr Albanese, who announced the immediate adoption of three of the recommendations, said the report had already been discussed by the National Security Committee of cabinet, as well as the full cabinet.
The report warns two-way trade is both underweight and stagnant in a region with economic growth forecast to double that of the developed world over the next two decades. This, he said, would support Australian exporters to enter, compete and grow in the fast-growing markets of South-East Asia. It will include a trade and investment campaign to promote opportunities in South-East Asian markets to Australian business and consumers.Mr Albanese told a business forum on the sidelines of ASEAN “there’s so much potential still untapped” in the region.