Australia and Indonesia have concluded an agreement that will create a new era of closer economic engagement between the two nations and open new markets and opportunities for businesses from both countries.
The Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) will drive growth for Australian business by creating new opportunities in Indonesia.
The Minister for Industry, Science and Technology, Karen Andrews, is confident about the commercial opportunities the agreement will deliver for Australian industry.
“Under this agreement, over 99 per cent of Australian goods exported to Indonesia will either be duty free or enter under significantly improved preferential arrangements by 2020,” Minister Andrews said.
“It’s a win-win outcome – with Australia also providing Indonesia with improved arrangements that will allow Australian producers easier access to Indonesian goods.
“This will lead to stronger links between Australian and Indonesian business, and promote prosperity in the region.”
The partnership will boost Australian steel exports, while ensuring Indonesia has access to a wider range of high quality, competitively priced feedstock.
Tariffs will also be removed on Australian exports of copper cathodes, car parts, leather goods and petroleum lubricants, among others.
“Indonesia is an important market for Australian manufactured products, with this agreement breaking down barriers to trade and helping Australian and Indonesian manufacturers be globally competitive,” Minister Andrews said.