ASEAN makes trade deals with India, Australia, NZ
Updated
Australia has hailed its new Free Trade Agreement with New Zealand and ASEAN, saying it's one of the most comprehensive and significant deals for world trade that Australia has agreed to.
The formal signing of the Association of Southeast Asian Nations deal -- announced in Singapore --- is expected later this year as officials work out the final details.
Indonesia and Malaysia are yet to fully agree on issues surrounding car manufacturing.
Trade Minister Simon Crean says there will be different tarriff conditions for some of the less developed member nations.
Mr Crane says it will cover all trade sectors.
"It's certainly the most comprehensive agreement that ASEAN has signed collectively. These countries represent our biggest trading partner. If you took it as one trading country this is bigger than China and that's now our largest trading partner and its across all sectors."
Meanwhile, India and the 10-member Association of Southeast Asian Nations announced they had also concluded a deal for free trade in goods.
The accord covers billions of dollars in trade and a market of 1.7 billion people.
