Asean signs CER pact

Southeast Asian Economic Ministers signed a declaration with Australia and New Zealand on Saturday to forge a sweeping agreement on closer economic ties aimed at removing trade barriers and doubling trade and investments.

In a joint statement issued after their annual dialogue in Brunei, the ministers said the declaration "introduced a formal and structured approach to promoting trade, investment and regional economic integration" between the two regions.

The ministers agreed to set a target of doubling trade and investments by 2010.

Total trade between the two regions was valued at US$20.3 billion ($43.25 billion) last year.