Australia and the Association ofSoutheast Asian Nations (ASEAN) have signed a Memorandum ofUnderstanding (MOU) to promote regional further economic integrationand growth through economic policy support to member governments andthe ASEAN Secretariat.

The MOU on the Second Phaseof the ASEAN-Australia Development Cooperation Program (AADCP II) wasinked by Australian Minister for Foreign Affairs Stephen Smith andThailand 's Foreign Minister Kasit Piromya on July 23 in the Thairesort island of Phuket where the Australia-ASEAN Post-MinisterialConference was held.

This is Australia 's largest single programme of assistance to ASEANand is valued at 57 million AUD over seven years, according to theAustralian Department of Foreign Affairs and Trade. It reinforcesAustralia 's commitment to help the less developed ASEAN members tomeet the UN Millennium Development Goals.

By supporting strong economic policies with ASEAN, the programmecomplements the ASEAN Australia New Zealand Free Trade Area (AANZFTA),which will further promote trade between Australia and ASEAN.

The first phase of the programme, from 2002-2008, increased economicintegration across the region, and increased economic and trade linkswith Australia and New Zealand . It also helped ASEAN tackle prioritydevelopment challenges in science, technology and the environment bystrengthening regional cooperation.

Two way trade investment between Australia and ASEAN was valued at over88 billion AUD last year. ASEAN is a larger trading partner forAustralia than any single country, accounting for 17 percent ofAustralia 's goods and services trade in 2007-2008.

ASEAN consists of Brunei , Burma , Cambodia , Indonesia , Laos ,Malaysia , the Philippines , Singapore , Thailand , and Vietnam , witha combined population of 550 million./.