Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Hansard source

I thank Senator Ciccone for his excellent question and his interest in building trading relationships with our good friends in South-East Asia. Deepening our engagement in South-East Asia is a priority for the Albanese Labor government. The opportunities in our region are simply incredible, and the ASEAN economy is predicted to be the fourth largest single market in the world by 2040, after the United States, China and India. Trading and investing more in South-East Asia means more opportunities for Australian businesses to grow, creating more Australian jobs and boosting our economic prosperity. That is why the Prime Minister appointed Mr Nicholas Moore to lead the development of the strategy.

His report, launched today, sets out a practical pathway to increase two-way trade and investment with the region. It highlights opportunities for our exporters, investors, tourism businesses, higher education providers as well as creative and clean economy sectors. Whether it's boosting energy transformation, high skilled manufacturing or supplying world-class produce, Australia has all the goods and services our region needs to power its growth into the decades ahead. The strategy reinforces that trade and investment diversification are key to our shared future prosperity and economic security. We want to put forge strong, genuine partnerships with our South-East Asian neighbours.