(RTTNews) - Australia and New Zealand have reached what the nations are calling “an important milestone” with a new free trade deal with South-East Asian nations.

The tentative agreement was announced at the meeting of the 10-member Association of South-East Asian Nations (ASEAN).

The agreement, described as “comprehensive,” includes trade in goods and services, investment, financial services, telecommunications, intellectual property, competition policy and economic cooperation.”

The deal is still subject to approval by the individual countries, with Australia and New Zealand expecting to formally sign in December.

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