Indonesia says trade, investment deal with Australia takes effect
An Indonesia-Australia deal that eliminates most trade tariffs between the two nations and aims to open up investment, took effect on Sunday, Indonesia's Trade Ministry said.
- Country:
- Indonesia
An Indonesia-Australia deal that eliminates most trade tariffs between the two nations and aims to open up investment, took effect on Sunday, Indonesia's Trade Ministry said. The Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA), signed last year and ratified by the Indonesia's parliament in February, aims to boost bilateral trade that was worth $7.8 billion in 2019.
"COVID-19 has resulted in economic slowdown in nearly all countries," Trade Minister Agus Suparmanto said in a statement. "IA-CEPA momentum can be used to maintaining Indonesian trade and improve competitiveness." In a signing ceremony last year, the two countries said the pact would eliminate all Australian tariffs on imports from Indonesia, while 94% of Indonesian tariffs would be gradually removed.
Australia aims to boost exports including wheat, iron ore and dairy, while Indonesia hopes to increase automotive exports, textile and electronics. The deal opens up investment, including for Australian universities in Indonesia. The ministry said in the statement it has issued three regulations to allow for implementation of the deal.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
Stellantis plans to make India an EV export hub, kicks off shipments to Indonesia
Pope will travel to Indonesia, Papua New Guinea, East Timor and Singapore in longest trip of papacy
Indonesia denies using air strikes in Papua region, where kidnapped NZ pilot is
Pope to travel to Indonesia, Singapore, Timor-Leste and Papua New Guinea on Sept. 2-13
Bodies of mother and daughter found among victims of Indonesia landslides that claimed 20 lives