Talks held in Singapore this week have resulted in free trade agreements between ASEAN (The Association of Southeast Asian Nations) and Australia and New Zealand on goods and services, and a narrower FTA between ASEAN and India on goods only.
The pacts are being viewed by the countries involved as a significant move towards linking the diverse economies of the Asia Pacific region, but also as a clear signal of commitment towards restarting the stalled Doha global trade talks.
Commenting on Thursday, Australian Trade Minister Simon Crean announced, according to Reuters, that:
"I think it's an important signal in the overall direction of what we hope to get back on track in Doha, but in its own right it stands as a significant achievement."
Although "a small number of bilateral market access issues" reportedly remain to be resolved, the agreement establishing a twelve nation free trade zone is expected to be finalized in December of this year, as is that between the ASEAN countries and India.
ASEAN member states comprise: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
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