ASEAN members must be more pragmatic and expedite negotiations to clinch a free trade agreement (FTA) with Australia and New Zealand, Malaysia's Ministry of International Trade and Industry (MITI) said in a statement here on Monday.
On their part, the two Oceanic countries must take into account the differing levels of economic development among ASEAN members, the statement said.
Previously, all FTAs will have longer period for implementation for the four least developed ASEAN countries, namely Cambodia, Laos, Myanmar and Vietnam.
The ASEAN also groups Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand.
The pact, which will cover trade in goods, services, investment and cooperation activities and due to be signed in August this year, is expected to expand trade between the ASEAN countries, including Malaysia, with Australia and New Zealand, the MITI said.
Total bilateral trade between Malaysia and Australia for the January to February 2008 period was valued at 5 billion ringgit (1.59 billion U.S. dollars) while the country's bilateral trade with New Zealand for the same period totalled 896.3 million ringgit (284.54 million U.S. dollars).
ASEAN's trade with Australia and New Zealand amounted to 41.3 billion U.S. dollars in 2006, an increase of almost 17 percent from 35.3 billion U.S. dollars in 2005.
Cumulative direct investments from Australia and New Zealand into the ASEAN for the 2002-2006 period amounted to 1.44 billion U.S. dollars, the MITI said.
Malaysian International Trade and Industry Minister Muhyiddin Yassin, making his first appearance at the ASEAN level, led the Malaysian delegation during the two-day ASEAN Economic Ministers (AEM) retreat in Bali, Indonesia, last weekend.
He co-chaired the AEM-Australia-New Zealand consultation with Australia's Minister for Trade Simon Crean and New Zealand's Minister for Trade Negotiation Phillip Goff.
Source:Xinhua
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