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IA-CEPA Boosts Indonesia-Australia Trade by Up to 90%, Says Minister

17 May 2024 21:25 WIB

TEMPO.CO, JakartaThe Indonesia-Australia Comprehensive Economic Partnership (IA-CEPA), which has been in force since 2020, has succeeded in boosting the trade value between the two nations by up to 90 percent, said Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto.

Under the IA-CEPA, Australia eliminated 6,474 tariff posts, or 100 percent of the total tariff posts, allowing zero percent of import duties on Indonesian products into Australia. Indonesia, meanwhile, eliminated 10,229 tariff posts, or 94.5 percent of the total tariff posts.

“As close neighbors who are committed to advancing regional stability, Indonesia and Australia have fostered economic growth and resilience, as well as increasing trade and investment,” Airlangga said in a written statement in Jakarta on Friday, May 17.

Australia is one of Indonesia's growing partners. In 2023, Australia’s foreign direct investment (FDI) grow by four percent, amounting to US$545.2 million. The amount of project investment soared by more than 200 percent.

“To further deepen economic ties, Indonesia is implementing key programs, such as Prospera, Katalis, and the new Climate Infrastructure Partnership,” he added. “These initiatives connect our businesses, drive innovation, and support sustainability.”

Airlangga said that Indonesia is eyeing an economic transformation in 2045 when some 320 million people will have a per capita income of around US$30,000 and the GDP will reach around US$9 trillion.

Speaking at the gala dinner to mark the 75th anniversary of Australia-Indonesia diplomatic relations, Airlangga lauded the Australian government for supporting Indonesia's bid to join the Organization for Economic Cooperation and Development (OECD).

Airlangga also said that Indonesia would sign the Indo-Pacific Economic Framework (IPEF) next month. “I really hope that stronger ties between Australia and Indonesia will play a pivotal role, not only in this region but also at the global level,” he concluded.

ANTARA

Editor’s Choice: Jokowi, David Hurley Discuss Efforts to Enhance People-to-people Ties

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