 Okay, thank you very much Collins and James for your presentation. Given the focus, well I should perhaps start off by noting that James talked a lot about relationships and the importance of relationships. I'm going to focus on government-to-government relationships in the form of free trade agreements which are international treaties containing legally bound commitments and agreed rules. Now what has certainly impressed me over the years is you have this reflected, these set of commitments and rules in an international treaty and that's what everyone agrees on the rules and the commitments they're bound to. But they're also, it gives you a framework for engaging with other countries. So there are issues and things that are not actually written down in a treaty, but you discuss and it gives you a mechanism through the institutional arrangements you establish through the free trade agreements and the negotiation of them, then their implementation that gives you a form for engaging with other countries and to discuss issues of interest and concern. So there are actually things not written down that you also address and cover. It gives you another framework and another avenue to pursue your interests. But just given the focus of today's program on the South East Asia, my presentation will cover briefly six key areas. Firstly, to provide an overview of ASEAN's and Australia's participation in regional economic architecture as context for our trading relationships and FTA agenda in the South East Asian region. Second, secondly to briefly outline the existing Australian FTA is the four flag single two in particular, the ASEAN Australian New Zealand FTA, ANSFTA, and then the Malaysia Australia FTA NAFTA. In the final part of my presentation I would like to address our recent FTA negotiations involving South East Asian countries, the Indonesia-Australia Comprehensive Economic Partnership Agreement, negotiations and finally our current regional FTA negotiations, the Regional Comprehensive Economic Partnership and also the Trans-Pacific Partnership negotiations. This is a thin diagram. Some people like it, others don't. I find it useful. But before getting into it, I just observed that since the late 1990s there has been an increase in regional trend towards the saturation of free trade agreements. This trend has been particularly marked in East Asia, sometimes described as a new Asia-Pacific regionalism. Characteristics include new countries becoming involved in FTAs, for example China, Japan and the Republic of Korea. Countries negotiating many agreements simultaneously. Countries making agreements with others that are not close neighbors and an increasingly broader FTA agenda beyond goods. This thin diagram uses a series of overlapping and intersecting circles to demonstrate the relationships and overlapping memberships of the various East Asian and Asian Pacific regional groupings. The diagram seeks to illustrate the context for Australia's trade engagement in the region. It does not show Australia's bilateral FTAs. But let me take you briefly through it from left to right. Firstly, ASEAN. The Association of Southeast Asian Nations was established in 1967 to accelerate economic growth and social progress in Southeast Asia and to promote regional peace and stability. The 10 ASEAN member states as James has already detailed and shown in the circle, the ASEAN circle. Second, ANSWITA, that shows you the agreement establishing the ASEAN Australia regional free trade area, comprising the 10 ASEAN member states Australia and New Zealand. Third, you move up to the ASEAN plus three. And that's a forum that functions as a coordinator of cooperation between ASEAN and China, Japan and the Republic of Korea. Fourth, ASEP, the Regional Commerce and Economic Partnership negotiations, which involved the 10 ASEAN member states and ASEAN 6 FTA partners. ASEAN has FTAs with China, Japan, Korea, India and Australia and New Zealand. So all those countries are now participating in ASEAN negotiations. With note also, East Asia Summit is a regional cleaners forum for strategic dialogue and cooperation on key challenges facing the East Asian region. Membership of the EAS comprises the ASEAN countries plus the United States and Russia. The US and Russia do not have an FTA with ASEAN at the moment. However, the US is involved in the Trans-Pacific Partnership agreement negotiations, which is seeking to build on the so-called P4 agreement between Brunei, Chile, New Zealand and Singapore, which entered into force in 2006. The P4 negotiations now include the original P4 parties and seven other countries. I suggest that I stop there for our current purposes, but apart from just noting that the VED diagram also shows APEC, PASA Plus involving the Pacific Islands, and it also shows those regional countries who are members of the G20. Very briefly, in looking at Australia's existing FTAs, just to note we've concluded seven FTAs to date, six bilateral and one regional. Four of the seven FTAs cover Southeast Asian countries, the three bilateral FTAs, Singapore, which entered into force in July 2003, Thailand entered into force on January 1, 2005, and the Chinese already noted Malaysia entered into force on January 1, this year, and in the regional ASEAN Australia, New Zealand FTA, which entered into force on January 1, 2010. The 13 countries covered by our seven included FTAs collectively accounted for 27% of Australia's total two-way trade in goods and services in 2011-2012. New Zealand 3.5%, United States 9%, Chile 0.3%, and ASEAN 14.4%. Next now, just a very briefly, an answer to that. This was signed on 27 February 2009 and entered into force for eight of the 12 signatories on 1 January 2010, including Australia and Malaysia. Thailand became a party in March 2010, Cambodia and Laos in January 2011, and then from 10 January last year all 12 signatories were party when Indonesia became a party to the agreement. Australia is the largest FTA that Australia has concluded in the most comprehensive FTA concluded by ASEAN. It covers goods, services, investment, intellectual property, e-commerce, temporary movement of business people, competition and economic cooperation. It is most substantial in goods reflecting the fact that ASEAN has done internal integration on goods and in the non-goods areas. It contains a substantial tariff outcome. The deal will provide tariff-free treatment on 96% of Australia's current exports to ASEAN nations by 2020. Prior to Ansover's entry into force, 67% of Australia's exports to the region were tariff-free. The agreement provides a strong framework to strengthen services and investment outcomes over time. It also contains some useful commitments on trade-related areas such as intellectual property and economic cooperation to promote technical assistance and capacity building to assist developing ASEAN in countries in implementation. Ansover was the first time that Australia included economic cooperation in a trade agreement implemented through the Ansover Economic Cooperation Support Programme. The agreement is forward-looking with substantial built-in agendas and review mechanisms in areas such as non-tariff measures, rules of origin, services and investment, which are aimed at having Ansover's commitments expand and deepen over time with development of an ASEAN economic community. As James noted earlier, it's important I think to view Ansover as a platform for Australia's ongoing economic engagement with other ASEAN members and it also provides a benchmark for both bilateral FTAs with individual ASEAN countries and broader ASEAN-centred regional developments like the Regional Comprehensive Economic Partnership. This graph just illustrates the tariff commitments of Australia, Indonesia and Malaysia under Ansover. I've just selected those countries because of what we're in Australia and where Australia is here. And Indonesia and Malaysia, because these two destinations do figure prominently in Victoria Government's South East Asia Supertrade mission. So just to give a sense of what is legally bound under the agreement by way of tariff commitments. 2005, what that reflects basically WTO commitments under the World Trade Organization Agreement. So in the case of Australia, about 47.6% of our tariffs were bound at zero. In 2005, we've committed on entering the course of Ansover to go to 96.4% and then eventually 100% by 2020. Indonesia, 2005, bound rate about 21% of its tariffs are bound at zero. Under Ansover this year, it's 1 January 85% of the Indonesia's tariffs are zero. That's why it's so significant having Indonesia become a part of this last year and then increasing to 93.2% by 2025. Malaysia under Ansover, around 67% bound at zero in 2010 and increasing to 96% by 2020. MAFTA, this agreement was signed 22 May last year in Kuala Lumpur and came into force on 1 January this year. This bilateral FTA improves upon Australian and Malaysian commitments made in Ansover. Upon the entry into force of MAFTA this year, Australia eliminated all tariffs on goods imported from Malaysia. That is 100% tariff elimination from 1 January 2013 compared with our commitments under Ansover of complete tariff elimination on 1 January 2020 and we brought that forward in the bilateral. Malaysia under MAFTA, bound tariff free access on 97.6% of recent Malaysian imports from Australia from entry into force which will increase to 98.9% in 2016 and 99% in 2017. Key outcomes and detail in fact sheets available on the DEVAC website and I just, I won't go into it now given the time constraint but I would note in respect of services as James noted Malaysia has committed to giving Australian entities the right to acquire majority ownership in companies supplying services in Malaysia not all services sectors but in very discrete areas for example 70% ownership in higher education services increasing up to 100% in 2015 70% ownership in direct insurance services 70% ownership in telecommunication network services and facility providers Malaysia also, sorry MAFTA also includes measures which assist Australian companies doing business in Malaysia including business-rending rules of origin provisions Australian exporters do not need to supply certificate of origin but rather a simpler declaration of origin more Australian business executives and senior managers are permitted to work in Malaysia and to stay for longer periods easier access to visas for spouses and dependents of Australians working in Malaysia establishment of a framework for mutual recognition qualifications and licensing for professionals and stronger protection of Australian trademarks and copyright so MAFTA is delivering for Australian businesses and will help Australian businesses looking to expand To mention Indonesia now the first round of all negotiations opened in Jakarta in late September last year and concluded last month the negotiating teams finalised guiding principles for the negotiations and agreed a forward work programme to the end of next year and the second round has been scheduled to be held in Australia in June or July In 2011-12 Indonesia was Australia's 12 largest two-way trading partner accounting for 2.4% of Australia's total trading and there's a lot of strong political leadership provided wanting to take these negotiations to a successful conclusion Really the negotiations cover trade, investment and economic cooperation issues which are aimed at building a higher level and more mutually beneficial economic partnership between Indonesia and Australia The economic cooperation pillar sets this idea separate from any other trade agreement that either country has negotiated The negotiations build on the ANSFTA which was the first trade agreement in which Australia included an economic cooperation chapter and a separate economic cooperation work programme I should also note a new development in the ANSFTA experience has been the Indonesia-Australian business partnership group on the bilateral trade and investment relationship which was the group comprising the two chambers of commerce in both countries the Australian Chamber of Commerce in industry and the Indonesian counterpart, Cahin as well as the two bilateral business councils got together and submitted a joint position paper to both governments for their consideration and this is the first time in Australia's experience that our industry groups have worked with their counterparts in our negotiating partner to submit a joint report for both governments to consider and the IA, sorry full of acronyms the Indonesia-Australian business partnership group put forward a set of 53 recommendations many of which are ambitious for the governments to consider and both the Australian Indonesian governments are still working their way through the report to consider how we could address some of the issues raised and we're keen to engage further with the business partnership group as well as other stakeholders including the Victorian state government on how we can progress in our negotiations Finally, let me address current regional FTA negotiations Australia and Malaysia are both involved in the ASEP and the TPP negotiations Indonesia is involved in ASEP but is not involved in TPP ASEP is an ASEAN-centred approach to a regional free trade area which seeks to build on the existing FTAs that ASEAN has included with its countries in the region These negotiations were launched by leaders last November and associated with that launch were a set of agreed guidance principles and objectives endorsed by the leaders The first round will commence in May 2013 and the aim is to complete the negotiations by the end of 2015 The TPP represents another strategic opportunity to shape emerging regional economic architecture and increase immigration and liberalisation of the Asia Pacific region with the US involved In addition to the current 11 TPP negotiating countries on 15 March last month Japan's Prime Minister Abe announced that Japan would seek TPP membership So that's currently under consideration and TPP has been going for a while since 2010 The negotiations commenced in March 2010 and there have been 16 rounds today Final point I'd just like to conclude on is three things One that we have a full FTA agenda in South East Asia The existing FTAs are there to utilise and our ongoing negotiations have potential to present further opportunities for Australian business in future seeking to expand operations in the region and a full further information is available on the DFAT website I should also note that after we conclude our session this morning I'll be here for a while if anyone has other questions or issues I'm available, so please grab me before I leave Thanks very much