logo
Receive the latest mybusiness news
SUBSCRIBE TO OUR NEWSLETTER
Copyright © 2020 MOMENTUMMEDIA

PM vows to support Indo-Pacific trade

Keeli Cambourne
27 October 2021 1 minute readShare
PM vows to support Indo-Pacific trade

Prime Minister Scott Morrison has said Australia is working to forge new trade partnerships and secure supply chains through the Indo-Pacific region.

In a virtual address to ASEAN Business and Investment Summit, Mr Morrison said Australia’s Regional Trade for Development and our Digital Standards Initiatives, worth $46 million, will support implementation of the Regional Comprehensive Economic Partnership Agreement by bringing a larger focus to e-commerce and digital trade across the region.

“Our partnership with ASEAN is one that we are always seeking to strengthen,” he said.

“And we want our businesses to invest in the region with confidence, and for yours to do the same here in Australia.”

Mr Morrison said the Australian government and its strategic partners – the US, Japan and India – are also working bilaterally to forge new agreements and deepen existing arrangements with regional partners, such as Vietnam, Indonesia and Singapore, to boost two-way trade and open up new frontiers in the green economy.

“That’s why we are making major investments to drive our energy transition, including around $20 billion to commercialise promising new technologies like clean hydrogen, green steel, long-duration energy storage and carbon capture,” he said.

“We expect this will leverage some $80 billion in total investment by 2030.

“As part of this work, we’ve agreed to pool the collective resources and expertise of Quad partners the United States, Japan and India to work with other Indo-Pacific partners to build the reliable and resilient supply chains needed to support the region’s energy transition.”

Mr Morrison said as part of these initiatives, Australia is working towards safely restoring international travel, which will be vital for reinvigorating all of our economies.

“We all want our economies to rebound strongly from COVID-19. And we all know that this can be accelerated through trade and investment under an open, rules-based international system,” he said.

“This makes agreements, such as the RCEP and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, more important than ever. These agreements bring together the shared economic weight of ASEAN and the region’s other major economies.”

PM vows to support Indo-Pacific trade
mybusiness logo
Keeli Cambourne

Leave a Comment

Latest poll

How satisfied are you with the SME measures in the federal budget?