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The historic agreement will span 12 economies with over 600 million people and a combined GDP of $3.1 trillion. The agreement includes the immediate elimination of a tariff on $25 million worth of exports to the Philippines.

“The commencement of this agreement is a major milestone and opens up significant opportunities for Australian businesses in one of the fastest growing regions in the world,” Mr Crean said.

“With Asia leading the global recovery and six out of ten ASEAN markets expected to grow at rates at least double the forecast OECD average in 2010, there is great potential for Australian exporters to enter new markets.”

“This agreement is also an important building block towards deepening Australia’s economic integration with the dynamic Asian region.”

The agreement includes:

• The immediate elimination of a 10 per cent tariff on $9.6 million of Australian processed cheese exports (in 2008) to Malaysia
• The immediate elimination of a 5 per cent tariff on $7.2 million of exports of fresh grapes to Malaysia
• The immediate elimination of a 3 per cent tariff on $22 million of wheat exports to the Philippines
• The immediate elimination of a 5 per cent tariff on $3 million of sheepmeat exports to the Philippines
• An immediate expansion from 7 to 36 subject areas that Australian education providers can deliver in Vietnam.

“By 2020, the deal will eliminate tariffs on 96 per cent of our current exports to ASEAN nations,” Mr Crean said.

ASEAN accounted for 15 per cent of Australia’s trade, valued at $83 billion in 2008-2009.

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