Expanding our trade and investment will help secure our future prosperity. The ASEAN region has immense economic potential and it is already a large market for Australian companies. Our $113.7 billion two-way trade with ASEAN exceeds our trade with Japan or the United States.
Why is Southeast Asia important to Australia?
Southeast Asia provides significant opportunities for Australia. Its burgeoning cities are accelerating economic growth and the region is undergoing significant development. Collectively Southeast Asia makes up the world’s sixth largest economy and is projected to be the fourth largest by 2030.
Why is ASEAN important?
The ASEAN Declaration states that the aims and purposes of the Association are: (1) to accelerate the economic growth, social progress and cultural development in the region through joint endeavors in the spirit of equality and partnership in order to strengthen the foundation for a prosperous and peaceful community of …
Why is ASEAN important to Australia?
ASEAN is also very important to Australia’s economic prosperity. As a bloc, ASEAN is currently Australia’s third largest trading partner accounting for 15% of Australia’s total trade. … Over the past 15 years, ASEAN’s combined economy has quadrupled to US$2.5 trillion.
Is Australia part of Southeast Asia?
Southeast Asia or Southeastern Asia is the geographical southeastern subregion of Asia, consisting of the regions that are south of China, southeast of the Indian subcontinent and north-west of Australia.
|Area||4,545,792 km2 (1,755,140 sq mi)|
What is the region for Australia?
Oceania is a region made up of thousands of islands throughout the Central and South Pacific Ocean. It includes Australia, the smallest continent in terms of total land area.
What does ASEAN mean?
ASEAN way is a form of interaction that is informal, non-confrontationist and cooperative. The objectives: (i) To accelerate economic growth and through that ‘social progress and cultural development. ‘ (ii) To promote regional peace and stability based on the rule of law and the principles of UN charter.
Is ASEAN powerful?
The ASEAN economies
At first glance, it might seem like a group of still-developing countries, but, as a whole, ASEAN is a powerhouse. If it were a country, ASEAN would be the world’s fifth-largest economy.
What does Australia mainly export?
Top exports: minerals, services & energy
Australia’s top 10 exports ranked by value in FY2018–19 were: iron ore; coal; natural gas; education-related services; personal travel services (excluding education); gold; aluminium; beef; crude petroleum; and copper ore.
What is our biggest export to China?
The top export categories (2-digit HS) in 2019 were: electrical machinery ($14 billion); machinery ($13 billion); aircraft ($10 billion); optical and medical instruments ($9.7 billion); and vehicles ($9.1 billion).