Australia and New Zealand have concluded a Free Trade Agreement claimed to be the most comprehensive of its type with the 10 country members of the Association of South East Asian Nations.

The deal which is expected to be signed later this year follows three years of negotiations and comes after several days of talks in Singapore with ASEAN ministers and Australia's Trade Minister Simon Crean.

The "comprehensive" agreement covers areas such as financial services, food exports, and electronic commerce.

Tariff changes will not be uniform with the less developed ASEAN members being allowed different levels and a more gradual implementation.

Mr Crean says the flow on will be immense.

"ASEAN as a group of countries is Australia's largest trading partner its trade in goods and services is worth $(AUD)71 billion its the first region wide agreement that Australia has ever negotiated and its the most comprehensive that ASEAN has done because it includes goods services and investment," he said.

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