Jakarta: The Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) has officially entered into force.
According to Australia’s Trade Minister Simon Birmingham, IA-CEPA will bring significant new trade and investment opportunities to consumers and businesses in both countries and be an important part of post-covid-19 strategies in the two countries.
“The start of IA-CEPA will be a major opportunity to start a new economic chapter with one of our closest neighbours and will help to further strengthen the strategic partnership between our two nations,” Minister Birmingham said in a media release on Monday.
“Bolstering economic ties between our nations will create new trade opportunities for Australian and Indonesian businesses, boost two-way investment and increase prosperity in both countries," the minister added.
Under IA-CEPA, Australia will immediately eliminate all tariffs on Indonesian imports into Australia.
The agreement has also created opportunities for greater Australian investment in the tertiary, health, tourism, telecommunications and logistics services sector in Indonesia.
And once international travel is again possible, Indonesians will be able to come to Australia to build their skills through a professional exchange program and workplace based training program in education, tourism, telecommunications, infrastructure development, health, energy, mining, financial services and the digital economy.
IA-CEPA includes a framework for trade and investment-related cooperation through a jointly-funded Economic Cooperation Program.
The program will support technical assistance and capacity building activities across a range of trade-related areas to strengthen commercial links and help stimulate two-way investment.
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