Australia signs FTA with ASEAN to boost bilateral economy

Special Report:Global Financial Crisis

CANBERRA, Feb. 27 (Chinese media) -- Australian companies

will have greater access to a market of more than 600 million people in Asia

after Australian Trade Minister Simon Crean signed off on a trade pact with

south-east Asian nations on Friday.

Crean was in the Thai city of Hua Hin to give the

final seal of approval to a free trade agreement between Australia, New Zealand

and the Association of South East Asian Nations (ASEAN).

Crean said in a statement the agreement would bind

current low tariffs, and over time, eliminate tariffs on between 90 and 100

percent of tariff lines, covering 96 percent of current Australian exports to

the region.

The deal could be worth in excess of 40 billion

Australian dollars (25.8 billion U.S. dollars) for the Australian economy over

the next two decades and gives companies greater scope for trade with the 10

ASEAN members - Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, Singapore,

Thailand, the Philippines and Vietnam.

Two-way trade between Australia and ASEAN members is

worth 80 billion dollars (51.6 billion U.S. dollars) and nearly 20,000 local

companies do business with the region.

Crean said the FTA would help guard Australia against

any protectionist "surges" in the midst of the global economic crisis.

"This will keep trade flows open in the region,

increase growth, and give a much-needed boost to confidence," Crean said.