Australia to provide 530-million-USD development aid for ASEAN

Australia on July 13 unveiled its plans to provide 775 million AUD (530 million USD) in development assistance to Southeast Asian nations, including Timor-Leste, as it seeks to bolster ties with ASEAN, according to Australian Foreign Affairs Minister Penny Wong.

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Wong made the announcement during a meeting with her ASEAN counterparts in Jakarta.

Australian Foreign Affairs Minister Penny Wong

(Photo: https://www.dfat.gov.au/)

The Australian government has invested an additional 470 million USD in development assistance for Southeast Asia over four years, she said, adding that the country will contribute 775 million AUD to all regional countries this year.

Australia aims to increase its official development assistance (ODA) to 1.24 billion AUD in 2023-2024 as part of its strategy to deepen its engagement with Southeast Asia, Wong said.

According to the official, stronger ties with ASEAN have become a priority for the Australian government, particularly from an economic and security standpoint.

The Australia-ASEAN two-way trade amounted to 127 billion USD in 2021, Wong said, adding that there remained huge room for growth in the ASEAN-Australia trade.

Australia will soon release the Southeast Asia Economic Strategy to 2040, which will set out a practical pathway to strengthen Australia’s economic engagement with Southeast Asia, Wong said.

Source: VNA