MELBOURNE — Australian Prime Minister Anthony Albanese on Tuesday underscored the country’s commitment to bolstering economic ties with the Association of Southeast Asian Nations (ASEAN).

With Australia's two-way trade with ASEAN valued at approximately $180 billion annually, and total investment nearing $300 billion, Albanese emphasized the depth of engagement between the two regions.

“ASEAN is poised to become the fourth-largest economy in the world by 2040, and Australia aims to be a key partner in this journey towards growth and prosperity,” Albanese said in his speech.

"Rather than remaining mere observers, we seek to actively participate and invest in the region's development,” he added.

The Prime Minister outlined his government's Southeast Asia Economic Strategy, aptly named "Invested," as a comprehensive plan to strengthen regional trade agreements. This strategy builds upon existing frameworks such as the recently upgraded ASEAN-Australia-New Zealand Free Trade Area and the Regional Comprehensive Economic Partnership.

Moreover, the strategy aims to foster diversification in trade and investment between Australia and ASEAN member states. Prime Minister Albanese emphasized the importance of collaboration between governments and the private sector, acknowledging the presence of influential business leaders, innovators, and job creators from across the region at the forum.

"This is not solely a task for governments; it requires collective action and partnership with the business community," remarked Prime Minister Albanese. "By leveraging our shared strengths and fostering innovation, we can unlock new opportunities for economic growth and prosperity in the ASEAN region."