Indonesia, Australia sign comprehensive economic partnership

Indonesia and Australia signed the Comprehensive Economic Partnership Agreement (IA-CEPA) in Jakarta on March 4.

Monday, March 04, 2019 15:43

Indonesia, Australia sign comprehensive economic partnership ảnh 1

Indonesian Trade Minister Enggartiasto Lukita (R) and his Australian counterpart Simon Birmingham. (Source: Reuters)

Hanoi (VNA) – Indonesia and Australiasigned the Comprehensive Economic Partnership Agreement (IA-CEPA) in Jakarta onMarch 4.

Indonesian Trade Minister Enggartiasto Lukitaand his Australian counterpart Simon Birmingham wrapped up themulti-billion-dollar agreement after nine years of negotiations.

The pact will help improve access for Australianlivestock farmers to the Indonesian market of 260 million people, whileAustralian universities and health providers will also benefit from easierentry into Southeast Asia’s biggest economy.

Meanwhile, greater access to the Australianmarket is expected to spur Indonesia's automotive and textile industries, andboost exports of wood, electronics and medicine.

Bilateral trade reached 11.7 billion USD in2017. Indonesia is now the 13th biggest trading partner of Australia.

Both ministers described the deal as a tool totighten the bilateral relations.

Minister Birmingham said the pact marks a newchapter for cooperation between Australia and Indonesia, bringing the twoAsian-Pacific countries closer together than ever before.

For his part, Minister Lukita said the IA-CEPAcould transform the two economies.

Indonesia and Australia started negotiations onthe IA-CEPA in 2010.-VNA

VNA

#Comprehensive Economic Partnership Agreement #IA-CEPA #negotiations #Southeast Asia #automotive and textile industries #wood exports #Asia-Pacific #Vietnamplus #Vietnam News Agency

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