Trade Minister Don Farrell is leading a delegation of Australian investors in Singapore as part of Australia's first investment mission under the Southeast Asia Economic Strategy to 2040. The group, which manages $2 trillion in assets, aims to identify investment-ready projects for Australian investment in the region. Farrell will also sign three Indo-Pacific Economic Framework agreements on behalf of Australia and participate in the Australia-US Strategic Commercial Dialogue. He will meet with Singapore's President, Prime Minister, and Minister for Trade and Industry, and attend the IPEF Clean Economy Investor Forum [bf3bd2fd].
This investment mission is a significant step in Australia's efforts to strengthen economic ties with Southeast Asia. The Southeast Asia Economic Strategy to 2040, also known as the 'Moore Report', highlights the importance of deepening economic partnerships with ASEAN member states. The mission aims to identify opportunities for Australian investors and promote economic cooperation between Australia and Southeast Asian countries. It also demonstrates Australia's commitment to the Indo-Pacific region and its engagement with key partners like Singapore [b7705700].
The investment mission is part of Australia's broader economic strategy in Southeast Asia. Two-way trade between ASEAN nations and Australia exceeded $178 billion in 2022, and Treasurer Jim Chalmers has emphasized the need to expand investment in Southeast Asia for the benefit of Australian workers and businesses. The $2 trillion assets managed by the delegation participating in the investment mission represent a significant opportunity for Australian investment in the region. The mission will help identify investment-ready projects and facilitate collaboration between Australian investors and Southeast Asian countries [bf3bd2fd].
In addition to the investment mission, Trade Minister Don Farrell will sign three Indo-Pacific Economic Framework agreements on behalf of Australia. The Indo-Pacific Economic Framework for Prosperity aims to promote sustainable economic growth in the region. The signing of these agreements further strengthens Australia's commitment to economic cooperation in the Indo-Pacific and demonstrates its active engagement with regional partners. The agreements will provide a framework for collaboration and facilitate economic cooperation between Australia and Southeast Asian countries [bf3bd2fd].
Trade Minister Don Farrell will also participate in the Australia-US Strategic Commercial Dialogue during his visit to Singapore. The dialogue held its third annual ministerial meeting on June 6, 2024, between Australian Minister for Trade and Tourism, Senator the Honourable Don Farrell, and U.S. Secretary of Commerce Gina Raimondo. They discussed shared economic and commercial objectives and committed to supporting an open, stable, and prosperous Indo-Pacific region. They reviewed progress in reducing carbon emissions and reaffirmed the importance of cooperation on economic security, trade, and investment screening. They also highlighted the success of the Indo-Pacific Economic Framework for Prosperity and the signing of agreements related to a clean economy and a fair economy. The dialogue serves as a platform for discussions on dual-use technology export controls and other shared objectives with other partners [7b7da29a] [bf3bd2fd].
The investment mission and the signing of the Indo-Pacific Economic Framework agreements demonstrate Australia's commitment to deepening economic ties with Southeast Asia and its active engagement in the region. By identifying investment opportunities and promoting economic cooperation, Australia aims to strengthen its economic partnerships with ASEAN member states and contribute to the sustainable economic growth of the region [b7705700].
Chinese Premier Li Qiang and Prime Minister Anthony Albanese have recommitted to the Australia-China Strategic Economic Dialogue. The two leaders oversaw the signing of memoranda of understanding (MoU) on education and research, climate change, the Australia-China Strategic Economic Dialogue, the China-Australia Free Trade Agreement, and cultural cooperation. The MoU commits Australia to five years of cooperation on trade, investment, and macroeconomic policy. The Australia-China Strategic Economic Dialogue started in 2014 and was suspended in 2021 due to tensions. The dialogue has now been resumed, marking a further normalization of relations. The next annual leaders' meeting will be in China in 2025 [432890aa].