Multi-layered economic linkages, creating more open space for ASEAN-Australia trade and investment

Prime Minister Pham Minh Chinh attends the 5th ASEAN-Australia Summit. (Photo: VGP/Nhat Bac)

At the Conference, the Leaders assessed that the ASEAN-Australia Comprehensive Strategic Partnership is increasingly developing substantially and effectively. Two-way trade turnover reached 96.2 billion USD, and investment from Australia to ASEAN reached 1.65 billion USD in 2024.

The two sides affirmed the ASEAN Community Vision 2045 and the “ASEAN-Australia Leaders’ Vision Statement: Partnership for Peace and Prosperity” opening up many opportunities for extensive cooperation for the two sides in all fields of politics, security, economy, society, sustainable development, etc.

Towards the 5th anniversary of the ASEAN-Australia Comprehensive Strategic Partnership in 2026, the Leaders agreed to accelerate the implementation of the ASEAN-Australia Plan of Action for the period 2025-2029, prioritizing responses to traditional and non-traditional security challenges; deepening economic relations through the effective implementation of the newly upgraded ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) and the Regional Comprehensive Economic Partnership (RCEP); accelerating the disbursement of AUD 2 billion in funding for investment facilitation; and expanding cooperation in potential areas such as digital transformation, clean energy, artificial intelligence, smart infrastructure, etc.

View of the 5th ASEAN-Australia Summit. (Photo: VGP/Nhat Bac)

ASEAN leaders highly appreciated Australia's support and contributions to the efforts to build the ASEAN Community, especially through initiatives such as Australia's Southeast Asia Economic Strategy to 2040, Regional Trade for Development (RT4D) Initiative, Aus4ASEAN Future Initiative, Aus4ASEAN Scholarships, Aus4ASEAN Digital Transformation and Future Skills Initiative, etc.

On that basis, ASEAN countries expect the two sides to continue effectively implementing projects on infrastructure and people-to-people connectivity, food security, sustainable development, natural resource management, especially water resources, climate change and natural disaster response, poverty reduction and sub-regional development.

Australian Prime Minister Anthony Albanese speaks at the conference. (Photo: VGP/Nhat Bac)

In his speech, Australian Prime Minister Anthony Albanese affirmed his support for multilateralism, a regional structure with ASEAN playing a central role, being open, inclusive, transparent, and based on rules, as well as efforts to build the ASEAN Community. Australia pledged to continue to closely coordinate with ASEAN to strengthen economic links, investment, clean energy, education, cultural and community connections, maritime cooperation, maritime security and safety, responding to transnational crimes, cyber security and counter-terrorism, etc.

On this occasion, the Australian Prime Minister announced an additional contribution of 15 million AUD to support the regional labor immigration program.

Speaking at the conference, Prime Minister Pham Minh Chinh assessed that the ASEAN-Australia Comprehensive Strategic Partnership has developed very positively in recent times, with the implementation rate of the Action Program for the 2025-2029 period reaching 83%, creating a favorable foundation for the two sides to continue expanding cooperation in the coming period. Accordingly, the Prime Minister proposed 4 priority focuses for bilateral cooperation.

Prime Minister Pham Minh Chinh proposed four priority focuses for ASEAN-Australia cooperation. (Photo: VGP/Nhat Bac)

Firstly, continue to promote multi-level economic linkages, creating more open space for trade and investment; effectively implement the AANZFTA and RCEP Agreements, while expanding RCEP and linking it with the ASEAN Community Vision 2045 and Australia's Southeast Asia Economic Strategy 2040.

Along with that, the two sides need to step up synchronous implementation measures from policy dialogue, harmonization of standards and regulations, to trade promotion, connection and business support. The Prime Minister also asked Australia to promote the export of raw materials and minerals, especially essential materials at present.

Second, promote seamless and synchronous strategic infrastructure connectivity, creating a foundation for breakthrough development, opening more air routes and seaports, completing multimodal transport corridors; connecting digital infrastructure and cooperating in cross-border data management; connecting energy infrastructure, fiber optic cables and submarine cables, connecting smart cities and smart governance ecosystems.

The Prime Minister hopes that Australia will continue to support ASEAN countries in training high-quality human resources and increasing scholarships for ASEAN students.

Third, promote digital transformation, green transformation, renewable energy, and create new growth drivers for sustainable development. The Prime Minister suggested that Australia encourage large corporations and enterprises to invest in the Framework Agreement on Digital Economy and ASEAN Power Grid, share experiences, transfer technology, support the construction of innovation centers; ensure cyber security; promote green finance, cooperate in sustainable water resource management, and responsible mineral exploitation.

Fourth, jointly strengthen the environment of peace, security and stability for development; further promote joint efforts to maintain a rule-based order; enhance cooperation in maritime security and non-traditional security, establish mechanisms for information sharing and early warning of threats, including in cyberspace.

The Prime Minister asked Australia to continue to strongly support, both in words and actions, ASEAN's principled stance on the East Sea, ensuring freedom of navigation and aviation, and resolving disputes by peaceful means in accordance with international law, especially the 1982 UNCLOS.

At the end of the Conference, ASEAN and Australian Leaders adopted the Joint Statement on Conflict Prevention and Crisis Management in the ASEAN-led Regional Architecture.

Ha Thanh Giang

Source: https://nhandan.vn/lien-ket-kinh-te-da-tang-tao-khong-gian-rong-mo-hon-cho-thuong-mai-va-dau-tu-asean-australia-post918683.html