Indonesia to seek economic ties with Australia

POSTED ON February 23, 2017 @ 2:50 pm

Senior Indonesian officials have stated they are looking to broaden investment and economic ties with Australia. The two countries are looking to finalise the Indonesia-­Australia Comprehensive Economic Partnership Agreement (IA-CEPA) by the end of this year.

Thomas Lembong notes that the progression has reached around 70% and is looking to finish it hopefully by the end of this year, he will be travelling with the Indonesian President to Sydney for a two-day visit and will be hoping to catch up with Trade Minister Steve Ciobo who previously visited Jakarta in December 2016.

Since tensions rose between Australia and Indonesia over the Bali Nine executions the IA-CEPA negotiations (which began in 2012) broke down but was thankfully re-opened last year by Mr Lembong.

Australia wants Indonesia to address obstructions to bilateral trade and investment, such as extra costs on exporters and consumers, and the lack of regulatory stability which will hopefully be addressed and add to the industry already worth over $8.4 billion.