The Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA), signed last year and ratified by Indonesia's parliament in February, became effective from July 5, according to Indonesia's trade ministry. The deal eliminates most trade tariffs between the two sides and aims boost investment and bilateral trade that was worth $7.8 billion in 2019.
"IA-CEPA momentum can be used to maintaining Indonesian trade and improve competitiveness," trade minister Agus Suparmanto said in a statement.The Indonesia-Australia Comprehensive Economic Partnership Agreement, signed last year and ratified by Indonesia's parliament in February, became effective from July 5, according to Indonesia's trade ministry. The deal eliminates most trade tariffs between the two sides and aims boost investment and bilateral trade that was worth $7.8 billion in 2019.#
The pact eliminates all Australian tariffs on imports from Indonesia, while 94 per cent of Indonesian tariffs would be gradually removed, according to Indonesian media reports.
Australia aims to boost exports including wheat, iron ore and dairy, while Indonesia hopes to increase automotive exports, textile and electronics.
The ministry statement said it has issued three regulations to allow implementation of the deal.
Fibre2Fashion News Desk (DS)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
