Our links to date with Asia have been deep and complex in economic terms. I have no doubt these will continue to deepen to our mutual benefit. Given our geography and the intensity of our economic relationships with East Asia, we see ourselves as an integral member of the East Asia region, and we stand ready to participate further in regional dialogue and mechanisms for financial stability and cooperation.
The events of the past few days in Bali have brought home the reality that when it comes to terrorism, national borders are irrelevant. Asia's security problem is Australia's and vice versa. At one time terrorism was local. It is no longer. Terrorism is international and the response to it must be international.
The economic impacts of terrorist attacks are very widespread and fall most heavily on the vulnerable members of society.
To counter this threat, cooperative and forceful action is required. For our part, we have taken active steps, particularly since September 11, to bolster regional cooperation to combat the threat of terrorism.
Indonesia and Australia signed a Memorandum of Understanding in February of this year to enhance counter-terrorism cooperation between our officials. This foresight in entering into the MOU will be very useful in the days and weeks ahead enabling officials from the Australian Federal Police and ASIO to work cooperatively with their Indonesian counterparts in tracking down the perpetrators of these terrible acts.
Australia has also strengthened its counter-terrorism cooperation with other countries in the region. We have signed Memoranda of Understanding on cooperation to combat international terrorism with Malaysia and Thailand. These MOUs are umbrella agreements that set out a framework for bilateral cooperation in law enforcement, defence, intelligence, customs and immigration. We are looking forward to concluding similar arrangements with other countries in the region.
We have been engaged in intelligence sharing with other countries in the region. And through our involvement in the United Nations, IMF, the Asia Pacific Group on Money Laundering and the Financial Action Task Force, we have been working actively to counter the financing of terrorism, regionally and globally.
Australians are enmeshed in the rich tapestry of Asia, as Asia is an increasingly important influence on Australia. Moments of crisis highlight our common destiny. In 1997 it was a financial crisis. Today it is a human tragedy. At these points of crisis we must not withdraw. We must heighten our engagement and our cooperation. We must work together. Australia stands ready to do so.
http://www.asiasociety.org/speeches/costello.html
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