Hanoi, Sep 16. - The economic ministers of ASEAN and the Closer Economic Relations (CER) of Australia and New Zealand, meeting in Hanoi Sunday, endorsed a framework to link the two groups economically through an AFTA-CER closer economic partnership (CEP). They have also approved a work programme for the implementation of the framework.

The CEP framework will be formalized by means of an instrument for signing at the next ministerial meeting in 2002. The ministers have tasked their senior officials to formulate the instrument and to begin carrying out the work programme immediately.

The closer economic partnership aims to promote greater trade and investment flows between the two sides and to narrow the development gap between them.

Two-way trade between AFTA and CER amounted to US$ 18.43 billion in 2000.

The CEP framework proposes cooperation in trade facilitation by eliminating technical barriers to trade and non-tariff barriers; investment promotion; capacity-building for newer members of ASEAN; promotion of e-commerce; and the promotion of small and medium enterprises. The ministers also endorsed the establishment of an AFTA-CER Business Council

The ASEAN Free Trade Area aims to integrate the economies of Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. Closer Economic Relations is a trade regime linking the economies of Australia and New Zealand.

The framework is based on the report submitted last year by a task force created by the economic ministers of AFTA and CER countries, which concluded that an AFTA-CER free trade relationship is "not only feasible but also advisable if both ASEAN and CER are at least to keep pace with the rapidly changing world of today."