Australian exporters will soon start reaping the benefits of the Indonesia-Australia Comprehensive Economic Partnership Agreement.
Federal Trade Minister Simon Birmingham said the trade deal with Indonesia would enhance export opportunities and deliver significant benefits for Australian farmers, businesses and investors.
“After discussions earlier this week with my Indonesian counterpart Trade Minister Agus Suparmanto we welcome this step that will see the benefits of this trade agreement flow from Sunday, July 5 this year,” Senator Birmingham said.
“This is the most comprehensive bilateral trade agreement Indonesia has ever signed, and will give a competitive edge to Australian exporters, particularly at a time when many are doing it tough as a result of the COVID-19 crisis.”
Senator Birmingham said the economic stresses caused by COVID-19 in both Australia and Indonesia made the agreement even more important, as it will provide an opportunity to better stimulate growth and investment during the recovery phase.
He said Indonesia presented 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,” he said.
Minister assisting the Trade Minister Andrew Gee said the timing of the IA-CEPA ratification would be welcome news among regional farmers and businesses doing it tough.
“We need to focus on the things we can make, grow and sell, and agriculture will be a key part of that,” Mr Gee said.
“IA-CEPA will provide new opportunities for our farmers and businesses, and further strengthen our export sector.”
IA-CEPA comes into effect on Sunday, July 5, in which 99 per cent of Australian goods (by value) will enter Indonesia duty-free or under significantly improved preferential arrangements.
For further information, visit: https://dfat.gov.au/fta/iacepa