It is vital that Thailand sees its reform programme through. In the midst of present difficulties, several positive aspects of the Thai economy have not changed. Factors which have underpinned strong growth in the past such as high savings and the entrepreneurial drive and skills of Thai business people should ensure a return to growth. Prime Minister, it is also to your great credit that you have kept Thailand on an outward-looking course. Far from being a solution to current economic difficulties, turning inwards could only deepen the problem.
Open markets are essential for economies to trade their way out of difficulty.
Our two countries recognise that in addition to keeping markets open, reform of economic structures and financial markets as well as more transparent government processes and ways of conducting business are critical for sustainable growth. These are important reasons for us to remain committed to APEC's free trade and investment objectives and to strengthen its capacity to support economic reform in the region. APEC is, of course, only one example of where Australia and Thailand work closely together. The Cairns Group where we jointly fight for a fair deal for agriculture in world markets is another. Ours is a relationship with growing links across a range of political, economic and defence issues.