The Association of Southeast Asian Nations (ASEAN) and Australia on Sunday agreed to enhance cooperation in security, trade and business at a special summit in Sydney.

During the two-day summit that ended Sunday, the two sides signed the ASEAN-Australia Joint Declaration for Cooperation to Combat International Terrorism, targetting terror financing, online radicalization and looking to streamline legislation and policing protocols across Southeast Asia.

Australia and ASEAN have also agreed to boost trade, investment and business links through economic integration and new initiatives in infrastructure development and digital standards.

The Australian government announced they would commit 23 million U.S. dollars over the next five years for training and technical assistance to help ASEAN nations develop smart and sustainable cities.

With over 90 million people in Southeast Asian expected to move to urban areas by 2030, trade and economic growth is set to increase rapidly during that time.

"To harness these opportunities, cities need innovative solutions, smart planning and good governance," Australian Foreign Minister Julie bishop said.

ASEAN and Australia will also work together on a new initiative the Colombo Plan, giving Australian undergraduates the opportunity to take internships across the ASEAN region in order to promote greater academic collaboration.

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