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The Australian government announced a A$2 billion ($1.3 billion) deal to boost trade and investment in Southeast Asia yesterday as regional leaders gathered for the Association of Southeast Asian Nations (ASEAN) special summit in Melbourne. announced the fund.
Prime Minister Anthony Albanese announced the fund and further economic initiatives at the Australia-Southeast Asia CEO Conference, declaring Australia “open for business, tourism and trade”. He told the gathering the government was pursuing “the most significant strengthening of Australia’s economic engagement with ASEAN in a generation”.
“The government I have led has made it clear that more than any other region, South East Asia is Australia’s future,” Mr Albanese said in speech notes distributed to the media ahead of the meeting.
According to a statement released by Albanese’s office yesterday, this “package of focused initiatives” represents the next step in the government’s response to the recommendations of the Southeast Asia Economic Strategy published last year.
The $2 billion Southeast Asia Investment Finance Facility will provide financing, guarantees, equity and insurance for projects that will boost Australian trade and investment in Southeast Asia, “particularly in support of the region’s clean energy transition and infrastructure development”. This facility is managed by Export Finance Australia.
Albanese will invest an additional 140 million over four years to extend its existing infrastructure partnership plan, which aims to “promote sustainable, inclusive and resilient growth through quality infrastructure” in Southeast Asian countries. announced that it would donate $1. The government will also improve access to long-term business visas for Southeast Asian nationals and establish regional technology “landing pads” in Jakarta and Ho Chi Minh City to “provide local support for Australian companies to build their technology capabilities.” promised. This is a service export to the Southeast Asian market. ” A similar “landing pad” was installed in Singapore in 2017.
Two-way trade between Australia and ASEAN member states will exceed A$178 billion ($115 billion) in 2022, and two-way investment between the two regions will reach A$307 billion ($198 billion), the Albanese office said. dollar) reached. But Canberra clearly sees further untapped potential in Australia’s economic relationship with her 10 ASEAN countries, which together are the world’s fourth largest economy. In an interview with Sky News yesterday, Finance Minister Jim Chalmers said the government wanted to “strengthen our relationships with ASEAN countries”.
The investment facility is one of the key “deliverables” Australia announced during the ASEAN-Australia special summit, which opened in Melbourne on Tuesday and concludes today. This announcement will no doubt be welcomed by Australia’s business community, particularly those in sectors of the economy adjacent to climate change. Bran Black of the Business Council of Australia told SBS News: Well, it’s pretty obvious. It’s more work, more opportunity, and more growth. ”
However, the Australian government’s focus on the economy and business, which accounted for two of the summit’s four main focus areas, comes amid tensions in the South China Sea, where Chinese and Philippine coast guard vessels clashed again in disputed waters yesterday. It was overshadowed by this. . The incident occurred yesterday morning near Second Thomas Reef, where the Chinese Coast Guard was trying to block the supply of Philippine troops stationed on a rusting warship there.manila then provided further details Sharing footage of China’s high-pressure water cannon about the incident break the windshield A view of a Philippine supply ship. Four Filipino crew members were injured in the collision near No. 2 Thomas Reef, and a Philippine Coast Guard vessel sustained minor hull damage, the statement said.
Over the past year, Australia has provided rhetorical support to the Philippines, which faces frequent and violent intrusions into China’s exclusive economic zone.
Australian Foreign Minister Penny Wong expressed concern about “destabilizing, provocative and coercive actions” in the South China Sea in a speech at the Maritime Security Forum on the sidelines of the summit on Tuesday. militarization of disputed territory; A statement from Mr Wong’s office said he also earmarked Australian funding of A$64 million ($41.8 million) to “expand Australia’s maritime cooperation with regional partners and contribute to regional security and prosperity”. announced that it would be used for
However, economic imperatives are likely to prevent a strong Australian response. While trade with ASEAN is booming, China remains the country’s largest trading partner, accounting for nearly 27% of total two-way trade in 2021-2022, according to the Ministry of Foreign Affairs and Trade. As such, the Albanon government may tread carefully given the efforts it has made to mend relations with China after China imposed various trade restrictions on Australia during the COVID-19 pandemic. is high.
Rather than go all-in on security to support South China Sea claimants such as the Philippines and Vietnam, Canberra has secretly strengthened its ties with long-standing partners far away to woo China. Avoiding risk. These include AUKUS, the trilateral security agreement signed in 2021 with the other three Quad members, Japan, the United States, and India, as well as the United States and the United Kingdom.
Nick Bisley, a professor at Melbourne’s La Trobe University, told CNN that Australia’s foreign policy outlook remained “extremely anxious about China” and that most of Canberra’s statements on maritime tensions in the South China Sea were alarming. It is the cause of showing the heart.
“I don’t like what China is doing, but I’m not going to put myself at risk,” he said.
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