What is interesting is the extent to which this free trade agreement with ASEAN-Australia and New Zealand will help us open new markets more significantly. For example, we already have a rapidly growing trade with Vietnam. I expect Vietnam to be at the centre of the concerns. I expect modest but growing trade with countries like Cambodia and Laos, and I expect trade with Malaysia to continue to grow fairly rapidly, especially as that economy develops. There was an additional point that I wanted to add to the evolution of the trade pattern, and that is where I would like to mention that there is an increase in trade in services and investment flows, because the ASEAN-Australia-New Zealand free trade agreement now provides an investment chapter that provides Australian and New Zealand investors with real investment security. This is better than anything New Zealand had before the agreement was signed, so there is now some real security for a New Zealand investor who invests in those countries. A free trade agreement is consistent with the broader policy of both countries. For Australia, a free trade agreement would deepen its integration into ASEAN economies and build on negotiated agreements with Singapore and Thailand. It would help promote Australia`s commercial interests in Malaysia by liberalizing trade on a preferred basis with other economies, including the region.
It would serve to complement and strengthen regional and multilateral liberalization efforts. In general, a free trade agreement with Malaysia would strengthen broader bilateral relations. In order to avoid default in collaboration with local partners, Austrade encourages companies to complete due diligence and require a standby letter of credit issued by a central branch of a trusted bank or commercial credit insurance. The study clearly shows that there is room for a high-quality free trade agreement between Australia and Korea, which largely liberalizes trade in goods and services in both directions and investment.  A free trade agreement would form the basis for much stronger cooperation and further liberalization on a wide range of issues. It would tend to promote closer inter-institutional cooperation between the two governments. The possible areas for enhanced cooperation and/or further liberalization are customs regimes, technical barriers to industry, investment, the free movement of individuals, e-commerce, competition policy, intellectual property and public procurement. Cooperation in these areas would greatly increase the benefits of a free trade agreement for both countries.