The Government has today commissioned a White Paper on Australia in the Asian Century.
The shift of economic and strategic weight to Asia has never been more rapid or more profound for Australia's interests than it is now.
The White Paper will provide a national blueprint for Australia at a time of transformative economic growth and change in Asia. It will help Australia navigate the Asian Century - to seize the opportunities it offers and to meet the challenges it poses.
Specifically, the Paper will consider:
* the current and likely future course of economic, political and strategic change in Asia, encompassing China, India, the key ASEAN countries as well as Japan and the Republic of Korea;
* the domestic economic and social opportunities and challenges of the Asian Century for Australia;
* opportunities for a significant deepening of our engagement with Asia across the board, including in the economy, science and technology collaboration, clean energy, education, business-to-business and people-to-people links and culture;
* the political and strategic implications of the Asian Century for Australia; and
* the role of effective economic and political regional and global cooperation.
Dr Ken Henry AC, former Secretary of the Treasury, will lead the project, which will be informed by extensive public consultation.
The White Paper will lead to specific initiatives for implementation during this term of Government. The White Paper will also provide a framework for medium to longer-term policies to increase Australia's engagement with Asia and maximise the economic and other net benefits to Australia of the Asian Century.
A Committee of Cabinet will be established to oversee the development of the White Paper. This committee will include external advisers.
The White Paper will be considered by the full Cabinet in the first half of 2012 and will be released during the middle of the year.