Indonesia-Australia comprehensive economic deal to take effect from July 5
The Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) will enter into force from July as Indonesia has completed its domestic ratification processes.
Indonesian Trade Minister Enggartiasto Lukita (R) and his Australian counterpart Simon Birmingham. (Photo: Reuters)
Sydney(VNA) – The Indonesia-AustraliaComprehensive Economic Partnership Agreement (IA-CEPA) will enter into forcefrom July as Indonesia has completed its domestic ratification processes.
Australian Minister for Trade, Tourism andInvestment Simon Birmingham said inan official statement that after his discussions earlier this week with his Indonesian counterpart Agus Suparmanto,the two sides agreed to make the deal effective from July 5.
Birminghamsaid the landmark agreement would enhance export opportunities and deliver significant benefits forAustralian farmers, businesses and investors.
Securing atrade agreement with Indonesia has been a longstanding objective of theAustralian government, to furtherstrengthen the strategic partnership between the two nations and further expand the choices availablefor Australian exporters, he said.
The minister added that this is the most comprehensive bilateral trade agreement Indonesiahas ever signed, and will give a competitive edge to Australian exporters,particularly at a time when many are doing it tough as a result of the COVID-19 pandemic.
Indonesia andAustralia started the IA-CEPA discussions in 2010 and the deal was finallysigned in Jakarta last year after several postponements.
The IA-CEPA becomingeffective will mean that 99 percent of Australian goods (by value) will enterIndonesia duty-free or under significantly improved preferential arrangements.
The pact will help improve access for Australianlivestock farmers to the Indonesian market of 260 million people, whileAustralian universities and health providers will also benefit from easierentry into Southeast Asia’s biggesteconomy.
Meanwhile, greater access to the Australian market is expected to spurIndonesia's automotive and textile industries, and boost exports of wood,electronics and medicine./.
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Indonesian Trade Minister Enggartiasto Lukita (R) and his Australian counterpart Simon Birmingham. (Photo: Reuters) 
