KL MEETING TO DISCUSS BOOSTING REGIONAL ECONOMIC, TRADE DEALS

MELBOURNE, June 24 (Bernama) -- Malaysia will host the inaugural Integration
Partnership Forum of Asean nations, Australia and New Zealand on Saturday to
discuss the benefits of regional economic integration and trade deals.

Drawing on the example of close commercial ties between Australia and New
Zealand, Asean countries will consider ways to strengthen their economic ties
as they build a single Asean Economic Community, Canberra and Wellington said
in a joint statement today.

The Forum, being held in Kuala Lumpur, was initially proposed by New Zealand
Prime Minister John Key in discussions with Asean leaders last October.

The idea was further developed by Prime Minister Key and Australian Prime
Minister Julia Gillard in February this year.

The new Forum will share the Trans-Tasman experience of Closer Economic
Relations (CER) with senior Asean officials responsible for regional
integration, Canberra said in a statement.

Australian and New Zealand experts at the forum will include senior figures
from government, business and academia.

"CER has certainly been a Trans-Tasman success story, and this forum offers
a valuable opportunity for New Zealand and Australia to share their experience
with the countries of Asean," Tim Groser, the New Zealand Trade Minister, said
in a statement.

"The building of a stronger and more prosperous Asean, a market of around
600 million people, will enable member nations to better take advantage of
regional and global economic opportunities.

"New Zealand and Australia have sought to broaden and deepen their economic
links for more than 30 years.

"We have faced challenges along the way, but we have also had huge success,"
Groser said.

Since CER was launched in 1983, total two-way trade in goods and services
between Australia and New Zealand has grown at an average annual rate of 7.8
per cent.

In the same period, total two-way investment has grown at an average
annual rate of 15.9 per cent.

"Asean countries are likewise looking to create an ambitious economic
community, and are facing some of the same challenges," Groser said.

Australian Trade Minister Dr Craig Emerson said regional economic
integration was fundamental to fostering opportunities for business and the
wider population.

"Businesses need easier, more predictable and more internationally
competitive economic environments," Dr Emerson said.

"Closer economic integration helps drive trade and investment while
spreading the benefits more rapidly to the broader community."

"A strong and dynamic integrated Asean region is good for Australia and New
Zealand as well as for Asean," Dr Emerson said.

Groser noted that the forum initiative complemented the landmark
Asean-Australia-New Zealand Free Trade Agreement (AANZFTA), which entered into
force in 2010.

"AANZFTA sent the message that Australia, New Zealand and Asean members
believe that regional economic integration is the best way to drive economic
growth.

"This latest initiative takes that commitment and extends it further."

The Integration Partnership Forum will involve four seminars over the next
two years.

These would allow relevant experts to delve deeper into commercial
regulatory issues of interest to Asean.
-- BERNAMA