Speaking during a break in talks at an Association of South-East Asian Nations trade ministers conference in Bangkok, Mr Crean said the world looked to Asia to speed up economic recovery.

There were parts of Asia that were in recession but, compared with the rest of the world, Asia had significant growth potential even in the current circumstances, he said.

Mr Crean said not only China but India, Vietnam and Indonesia would play a substantial role in the global recovery.

The task for trade ministers was to ask how to maximise that potential, he said.

So the trade framework and trade negotiations were fundamental to helping realise more fully that potential.

China and ASEAN signed an investment agreement on Saturday that provides guarantees against nationalisation, riots and disputes.

Thai officials said the ASEAN-China investment agreement was set to boost bilateral investments by 40 to 60 per cent over the next two years.

China is the eighth-largest investor in South-East Asia, with up to $US5.6 billion ($A6.7 billion) in cumulative investments in the region last year.

ASEAN secretary-general Surin Pitsuwan said the bloc needed to adopt measures to facilitate more investment from within the group to ensure the region's economic recovery was sustainable.

Australia and New Zealand signed a bilateral free-trade agreement with ASEAN in February, which is expected to come into effect next year. Mr Crean said the trade pact was still on target.

Australia had renewed political will to redouble its efforts to ensure that it came into force on January 1 next year.

According to the Department of Foreign Affairs, ASEAN and New Zealand together account for 21 per cent of Australia's total trade in goods and services. These were worth $A103billion in 2007-08.

Once in effect, the trade agreement would be a significant achievement, particularly given early though fragile signs of recovery, Mr Crean said.

He said it was important to ensure the trade pact was active. This would send a positive signal to the rest of the world that, even in difficult times, it was possible to negotiate and implement a comprehensive trade agreement.

Mr Crean said the talks also included broadening ASEAN's free-trade pact agreements.

He dismissed parallels drawn with European Union free-trade arrangements.

''I think we have to find the Asian model,'' he said. AAP