APEC roundup

Big APEC news this morning is that Australia and the US have signed a treaty, making it easier for local companies to buy and sell military equipment to the US.

The deal will remove bureaucracy and put Australia on the same status as Britain. Greater access to intelligence and more joint military exercises will strengthen military ties.

And there will be new co-operation on nuclear energy research and development. And John Howard says Australian troops will stay in Iraq.

US President George Bush also says there are concerns about an internet attack on US computer networks, probably generated from China, and this might be raised in the meeting with Asian leaders.

But nothing yet on a free trade agreement in the Asia Pacific region, which would be of great benefit to the Australian services industry.