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Australia ASEAN trade deal 'politically extremely important'

08:50  05 november  2019
08:50  05 november  2019 Source:   skynews.com.au

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Negotiators from 16 nations are seeking a breakthrough on the world’s largest regional trade pact, the Regional Comprehensive Asean and the world have faced rising challenges and uncertainties ranging from trade disputes to international crime, and their strong partnership is important for the

Asean and the world have faced rising challenges and uncertainties ranging from trade disputes to international crime, and their strong partnership is important for the region, Thai Prime Minister Prayuth Chan-Ocha said while opening the 35th Asean Summit.

Trade expert Alan Oxley says Australia joining the world’s largest free trade agreement is a good thing, but it will be “some time before we see the benefits” of the arrangement.

15 Asia-Pacific nations have accepted the Regional Comprehensive Economic Partnership agreement, which is set to cover 30 per cent of global gross domestic product and nearly half the world's population.

“The principal benefit for us is engagement,” Mr Oxley said.

“The commitment is important - these states have now decided they will come together and build some more open markets."

The trade expert said Asian nations who have previously “been reluctant to cut tariffs significantly” should begin to open their markets more.

“For us, there won’t be a big surge… but politically it is extremely important for us given we are in the middle of the region,” he said.

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