the 1940s to around 4 percent now. When Uruguay Round commitments are fully implemented: The proportion of Australia's exports of industrial products facing zero tariffs in developed countries will more than double, from 20 percent to 43 percent. And about A$ 5 billion a year is expected to be added to Australian merchandise exports. The services sector is an excellent example of the benefits flowing through to Australia. Over the past decade, liberalisation of services has accelerated throughout the world. Australia's exports of services have grown 50 % faster than our imports of services. As a result, in 1996, Australia's balance of payments benefited from a surplus in our services trade with the rest of the world - for the first time in the history of the statistics which goes back some forty years. In practical terms, this means that Australian universities and colleges are making an increasingly important contribution to the training of young people in our region, from Korea to Indonesia. It means that our recreation and hospitality industry is reaping the benefits from a heavy flow of tourists and visitors from the region into Australia. It means that our insurance, financial and legal service sectors are finding exciting new opportunities for expansion across the region. Lower tariffs in our fastest growing markets - in the Asia Pacific - will benefit Australian exporters and create more jobs for Australians. I am pleased to say that, over this decade, ASEAN has cut applied tariffs - on a trade-weighted basis