Australian Prime Minister Anthony Albanese (right) speaks with Indonesian President Joko Widodo (left) in front of the Opera House and city skyline, at Admiralty House in Sydney on July 4, 2023. (PHOTO / AFP)

CANBERRA — Australia's Prime Minister (PM) has announced a new strategy to boost trade with Southeast Asia.

PM Anthony Albanese, Foreign Minister Penny Wong, Treasurer Jim Chalmers and Trade Minister Don Farrell on Wednesday released a joint statement announcing Australia's Southeast Asia Economic Strategy to 2040.

According to the strategy, Australia's two-way trade with Southeast Asian countries was worth 178 billion Australian dollars ($113.5 billion) in 2022

The blueprint, which was developed by Special Envoy for Southeast Asia Nicholas Moore, sets out how Australia will boost trade links with the region and makes 75 recommendations to grow partnerships with Asian nations.

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It identified 10 priority sectors offering the most potential for economic growth, including agriculture and food, infrastructure, healthcare and education and skills.

The joint statement said the government has committed 95.4 million Australian dollars ($60.8 million) in funding to support investment deal teams based in the region, a Southeast Asia business exchange program and placement and internship programs for young professionals.

"Southeast Asia's fast-growing economies present a major opportunity for Australian business, but we haven't kept pace with their exponential growth," Albanese said.

"This strategy outlines how we can harness this growth, and seize the vast trade and investment opportunities our region presents."

According to the strategy, Australia's two-way trade with Southeast Asian countries was worth 178 billion Australian dollars ($113.5 billion) in 2022.

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It also calls on the government to cut foreign investment barriers, fast-track visas and expand air links with Malaysia, the Philippines, Thailand and Vietnam.