- The Twenty-Eighth AEM-Closer Economic Relations (AEM-CER) Consultation met on 22 August 2023. The Consultation was co-chaired by H.E. Dr. Jerry Sambuaga, Vice Minister of Trade, Indonesia; the Hon Tim Watts MP, Assistant Minister for Foreign Affairs, Australia; and the Hon Rino Tirikatene, Minister of State for Trade and Export Growth, New Zealand. The Meeting also welcomed H.E. Filipus Nino Pereira, Minister of Commerce, and Industry, Democratic Republic of Timor-Leste who joined the Meeting as an observer.
- The Meeting noted that the economies of ASEAN, Australia, and New Zealand have strengthened their recovery from the COVID-19 pandemic over the past year and economic growth has regained momentum. The two-way trade between ASEAN and Australia increased by 38.7 per cent, from USD 75.6 billion in 2020-21 to USD 104.8 billion in 2021-22, based on Australia’s data. The Meeting also noted the total two-way trade between ASEAN and New Zealand increased by 37.34 per cent from USD 12.24 billion in 2021 to USD 16.81 billion in 2022, based on New Zealand’s data. According to Australia’s and New Zealand’s data, Australia’s foreign direct investment (FDI) flow to ASEAN in 2022 amounted to USD 19.7 billion (an increase of 4.86 per cent), while New Zealand’s FDI flow to ASEAN for the same year was valued at USD 51.48 million (an increase of 1.84 per cent).
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