Australia and New Zealand are among the first ASEAN’s Dialogue Partners. Formal relationships were established in 1974 and 1975 respectively. The economic partnerships between ASEAN, Australia and New Zealand began at the first Consultations held between the ASEAN Economic Ministers (AEM) and Ministers from Australia and New Zealand in 1995 and have grown stronger since.

In 2024, the total two-way trade between ASEAN and Australia reached USD 96.3 billion, while two-way trade between ASEAN and New Zealand stood at USD 12.7 billion. Foreign direct investment (FDI) inflow from Australia to ASEAN recorded at USD 2.4 billion, while FDI inflow from New Zealand to ASEAN recorded at USD 481 million.