AUSTRALIAN exporters are tipped to be the big winners from the Indonesia-Australia Comprehensive Economic Partnership Agreement, with Indonesia having just formally ratified the deal.
Federal trade minister Simon Birmingham said the landmark trade deal with Indonesia would enhance export opportunities and deliver significant benefits for Australian farmers, businesses and investors.
The IA-CEPA takes effect from 5 July.
“After discussions with my Indonesian counterpart, Minister of Trade Agus Suparmanto, we welcome this step that will see the benefits of this trade agreement flow from 5 July this year,” Mr Birmingham said.
“Securing a trade agreement with Indonesia has been a longstanding objective of our government,” he said. “This is the most comprehensive bilateral trade agreement Indonesia has ever signed, and will give a competitive edge to Australian exporters.”
Mr Birmingham said the economic stresses caused by COVID-19 in both Australia and Indonesia made this agreement even more important.
“With a population of over 260m and one of the fastest growing economies in the world, Indonesia presents significant trade and investment opportunities for Australian farmers and businesses.
“For example, under the deal, producers of grains, live cattle and meat, dairy and horticulture, and many other products will benefit from lower tariffs and improved access to Indonesian markets.”
Further analysis of the IA-CEPA is to be include in upcoming editions of Daily Cargo News.