ASEAN agrees to trade pact with Australia

The Associated Press , Singapore Thu, 08/28/2008 4:52 PM World Southeast Asian countries said they reached a tentative agreement with Australia and New Zealand on a comprehensive free trade pact aimed at boosting the US$48 billion annual trade between the nations.Economic ministers from the 10-member Association of Southeast Asian Nations, known as ASEAN, said in a joint statement with their counterparts from Australia and New Zealand that the countries have "completed the negotiations and forged a comprehensive single undertaking free trade agreement."The statement didn't say the terms of the pact, adding that "a small number of bilateral market access issues" must be resolved, and that each country must approve the agreement before a final signing in December.ASEAN officials also said they had struck a free trade deal with India on goods, but not on services and investment. ASEAN and India had about $38 billion of trade between them last year.ASEAN officials also said they had made "substantive progress" toward an investment agreement with China.Those two agreements are also expected to be finalized and signed in December."The ministers see the agreement as paving the way to enhancing the region's economic integration and to deepen and broaden the trade and investment among the twelve participating countries," the statement said.The trade agreement would cover goods, investment, services, and intellectual property, the statement said. The value of goods traded between ASEAN countries and Australia and New Zealand jumped 17 percent last year to US$48 billion, led by ASEAN exports.