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The ASEAN-Australia Economic Cooperation Program (AAECP) was established in 1974 to promote cooperation between Australia and ASEAN in areas of agreed regional development priority. The program funded by Australia's overseas aid agency, AusAID, has evolved to keep pace with economic progress in South East Asia and the maturing nature of the ASEAN-Australia relationship. In August 2002 Australia signed a Memorandum of Understanding with ASEAN committing AU$45 million to the next phase, the ASEAN Australia Development Cooperation Program (AADCP). This program had continued to support regional economic and social development cooperation and capacities. The program concluded in June 2008. After a one-year transitional period, the AADCP Phase II program was initiated.
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