Indonesia ratifies comprehensive economic partnership agreement with Australia

The Indonesian House of Representatives on Feburary 6 ratified the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA).

07, Feb. 2020

Indonesian President Joko Widodo (left) and Australian Prime Minister Scott Morrison (right) held a meeting on the sidelines of the 35th ASEAN Summit in Bangkok, Thailand, on November 4, 2019. (Biro Pers dan Media Setpres RI) (Antaranews)
Indonesian President Joko Widodo (left) and Australian Prime Minister Scott Morrison (right) held a meeting on the sidelines of the 35th ASEAN Summit in Bangkok, Thailand, on November 4, 2019. (Biro Pers dan Media Setpres RI) (Antaranews)

JAKARTA, VNA - The Indonesian House of Representatives on Feburary 6 ratified the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA).

Indonesian Trade Minister Agus Suparmanto expressed his hope that the deal will help Indonesia increase its competitiveness capacity in human resources, industry and service, while boosting access to Australia's goods and service market.

The IA-CEPA could bring significant tariff cuts on commodity exports between the two countries and offer various investment privileges, as Indonesia strives to boost exports and attract foreign investment to help spur its sluggish economic growth.

In 2018, Australia was Indonesia’s ninth largest trade partner with total trade turnover reaching 8.53 billion USD, of which Indonesia’s exports were 2.8 billion USD. - VNA