Australia is aiming to ramp up its engagement with Southeast Asia in the face of rising trade and geopolitical uncertainties, and China’s slowing economy.
Prime Minister Anthony Albanese will use a speech to leaders attending the Association of Southeast Asian Nations forum on Wednesday to unveil an economic strategy that calls for an extensive overhaul of Australian business, trade and education ties with the region.
Despite its close proximity, Australia’s trade with Southeast Asia is “very underweight,” according to a government official who asked not to be identified as they’re not authorized to speak with the media. Investment has “stagnated” in recent years in the face of surging interest from competitors, such as China, the official said.
Since Albanese’s center-left Labor party came to power in May 2022, Australia has moved to rebalance its diplomacy away from the tight US alignment of its predecessors. In a speech at the Shangri-La Dialogue in June, the Australian leader said it was the responsibility of both the US and China to avoid a spiral into armed conflict.
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