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ASEAN concludes Australia, New Zealand free trade talks

(Xinhua)
Updated: 2008-08-28 17:22

SINGAPORE -- The Association of Southeast Asian Nations (ASEAN) has concluded a free trade deal with Australia and New Zealand after three years of talks, said a joint statement issued here on Thursday.

Singapore's Prime Minister Lee Hsien Loong (C) and ASEAN Economic Ministers shake hands during the opening ceremony of the Association of Southeast Asian Nations (ASEAN) Economic Ministers Meeting in Singapore August 26, 2008. The Ministers are (L-R) Malaysia's International Trade and Industry Minister Muhyiddin Yassin, Myanmar's Minister for National Planning and Economic Development Soe Tha, Philippines' Trade Secretary Peter Favila, Lee, Singapore's Trade Minister Lim Hng Kiang and Thailand's Industry Minister Mingkwan Sansuwan and Thailand's Deputy Commerce Minister Pichet Tancharoen. [Agencies]

"The ministers welcomed the conclusion of the negotiations between ASEAN, Australia and New Zealand" for the free trade agreement (FTA), which started in March 2005, said a joint statement.

The 10-member bloc's economic ministers met with their counterparts from Australia and New Zealand on Thursday, as part of the 40th ASEAN Economic Ministers Meeting currently taking place in Singapore.

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The comprehensive agreement covered trade in goods, investment, services, financial services, telecommunications, electronic commerce, movement of natural persons, intellectual property, competition policy and economic cooperation, it said.

The ministers saw the deal "as paving the way to enhancing the region's economic integration and acting as an impetus to deepen and broaden the trade and investment among the twelve participating countries," it added.

The deal is expected to be signed in December.

During the meeting, Australia and New Zealand also recognized Vietnam's full market economy status.

ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.