1. At the Fourth Consultation Meeting of the ASEAN Economic Ministers and Ministers from the countries of the Australia-New Zealand Closer Economic Relations Agreement (CER) held in Singapore on 1 October 1999, the Ministers agreed to establish a task force to look into the feasibility of establishing an AFTA-CER free trade area by 2010.

2. The High Level Task Force met for the first time at the ASEAN Secretariat in Jakarta on 8-9 February 2000. The High Level Task Force was chaired by Mr. Cesar Virata, former Prime Minister of the Philippines.

3. The High Level Task Force discussed the potential benefits and costs of establishing an AFTA-CER Free Trade Area. The Task Force also held initial discussions on the possible scope and coverage of the proposed FTA and agreed on the areas requiring further study and consideration which would include the views of the business community and the experiences of other regional groupings.

4. The next meeting of the High Level Task Force will be held in New Zealand on 27-28 April 2000.

5. The list of members of the High Level Task Force is attached.