Indonesia, Australia discuss free trade agreement
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Australian Minister of Trade, Tourism and Investment Steven Ciobo has met Indonesian Minister of Trade Enggartiasto Lukita in Australia on Sunday to discuss free trade agreements.
Press releases from the Department of Foreign Affairs and Trade of Australia received by ANTARA here on Sunday said that Minister Enggartiasto is visiting Australia to discuss the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA).
IA-CEPA will generate economic framework which is expected to make closer relations between Indonesia and Australia besides opening up markets and new opportunities for both countries.
According to Ciabo, the negotiations are going forward as the two countries continue to work to finalize the deal.
“Minister Lukita and I have agreed to make ambitious and high quality deals,” Ciabo said, adding that the IA-CEPA can transform Australia and Indonesia economic partnership.
Indonesia is Australias important neighbor and great regional partner, with the value of two-way trade between Australia and Indonesia amounting to US$15 billion in 2015, Ciabo noted.
“IA-CEPA will bring our economies closer and allow Australian and Indonesian businesses to take advantages,” he said.
IA-CEPA will create business opportunities for Australia and Indonesia to jointly work on those opportunities that will continue to develop in the future.
Questions & Answers
Q.What is the purpose of the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA)?
What is the purpose of the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA)?
IA-CEPA aims to create an economic framework that will strengthen relations between Indonesia and Australia. It is expected to open new markets and opportunities for businesses in both countries, transforming their economic partnership.
Q.Who were the key figures involved in the discussions about the free trade agreement?
Who were the key figures involved in the discussions about the free trade agreement?
The discussions involved Australian Minister of Trade, Tourism and Investment Steven Ciobo and Indonesian Minister of Trade Enggartiasto Lukita. They met in Australia on Sunday to discuss the details of the agreement.
Q.What was the value of trade between Australia and Indonesia in 2015?
What was the value of trade between Australia and Indonesia in 2015?
In 2015, the total value of two-way trade between Australia and Indonesia reached US$15 billion. Minister Ciobo highlighted this figure, emphasising Indonesia's importance as a regional partner.
Q.What did the ministers hope to achieve from the negotiations?
What did the ministers hope to achieve from the negotiations?
Both Minister Lukita and Minister Ciobo agreed to work towards an ambitious and high-quality deal. They anticipate that IA-CEPA will bring their economies closer, benefiting businesses in both nations.
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