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Trade Agreement Indonesia Australia

Australia and Indonesia are committed to deepening our economic, trade and investment relations. Indonesia is the largest economy in Southeast Asia and the 16th largest economy in the world. Indonesia is estimated to be the world`s fifth largest economy by 2030. With a population of 264 million, Indonesia offers a significant opportunity for Australian businesses. Information on export and import opportunities under IA-CEPA, AANZFTA and other free trade agreements can be found on the FTA portal. Australia is an open economy that relies heavily on trade. It has escaped protectionism for decades. It is already a member of multilateral trade agreements such as the ASEAN AANZFTA and the 11-member CPTPP. Australia now accounts for almost 80% of its exports, which are covered by trade agreements.

The state of their bilateral economic relations makes the agreement a step forward. For two economies close to the G20, their trade and investment relations are surprisingly weak. No two G20 countries do as little as Australia and Indonesia without a sanctions regime. Indonesia`s share of Australia`s total trade has stagnated by about 2% over the past two decades, while Australia`s overall trade with Asia has increased. Indonesia is very early on the verge of entering regional commercial architecture. Most of their existing agreements are concluded within the “plus” framework of asean countries. Japan is its only other G20 partner with which Jakarta has a bilateral agreement. The AI-CEPA was an exercise that prepared Indonesia for its next steps in establishing economic cooperation with other advanced economies in the Indo-Pacific region. Mr Varma said: “The AI-CEPA is a pioneering trade agreement between Australia and Indonesia, which clearly demonstrates the intention of both countries to deepen our economic relations. We believe that the entry into force of the AI-CEPA will generate increased interest in foreign investment from Australia to Indonesia, particularly in our key areas of infrastructure and energy, by reducing ownership restrictions and other barriers to market entry.

This is an exciting step in the relationship with one of our closest and most important trading partners. During the first foreign visit of new Australian Prime Minister Scott Morrison to Jakarta, he and Jokowi announced an agreement on the IA-CEPA on 31 August 2018. [12] However, the signing was delayed due to a bilateral dispute over Australia`s recognition of West Jerusalem as israel`s capital, which sparked Indonesian diplomatic protests. [13] [14] The agreement was finally signed in March 2019 by Lukita and Australian Trade Minister Simon Birmingham, subject to ratification by the Australian Parliament and the Council of Indonesian People`s Representatives. [15] [16] The IA-CEPA builds on the benefits of the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), which continues in parallel with the IA-CEPA. Importers and exporters have the opportunity to choose the agreement that is best for them. Bilateral trade negotiations between the two countries began in November 2010, with the IA-CEPA itself announced in a joint statement chaired by Susilo Bambang Yudhoyono and Prime Minister Von Julia Gillard. [4] [5] After several conferences and meetings during 2011, another joint communiqué was issued following a meeting in Darwin on 3 July 2012, calling for the opening of negotiations by the end of the year. [6] Relations between the two countries (following the 2013 Australian spying scandal and the Indonesian execution of Australian citizens in 2015) continued, and in 2015 Indonesia imposed tariffs on imports of Australian cattle.

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