.

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.

Australia’s banana farmers will know within the next few weeks if they have been successful in their six-and-a-half year battle to keep Philippine bananas out of Australia.

Biosecurity Australia reported last month that it had completed a draft final Import Risk Analysis (IRA) report, now with an independent team of scientists for review.

The review group has up to 60 days to establish if Biosecurity Australia has properly taken into account all stakeholders comments in finalising its risk analysis and policy recommendations.

It is expected that the review will be completed by the end of this month, after which the report goes back to Biosecurity Australia who will put out the final report.

Subject of the long drawn and hotly-contested IRA are 100,000 tonnes of Philippine bananas proposed for import into Australia annually.

Import of Philippine bananas was initially declined by Biosecurity Australia in June 2002. About 18 months later, the original findings were revised to allow banana imports from the Philippines subject to strict quarantine conditions.

Between February 2004 and August 2008, a series of consultations with stakeholders, field inspections and technical assessments had been carried out by Biosecurity Australia to establish a final import risk analysis report. #