Indonesia-Australia Comprehensive Economic Partnership Agreement Pdf

The Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) sets the stage for a new era of closer economic relations between Australia and Indonesia and opens up new markets and opportunities for businesses, primary producers, service providers and investors. The AI-CEPA is a comprehensive agreement based on existing multilateral and regional agreements, including the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA). The AI-CEPA came into effect on July 5, 2020. On February 10, 2020, Indonesia and Australia ratified the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA). This IA-CEPA came into effect on July 5. Indonesia is one of the fastest growing economies in the Indo-Pacific region and, given its large market, Indonesia can offer considerable opportunities for Australian investors if they enter the Indonesian market. In addition, some experts predict that Indonesia will move towards the world`s five largest economies by 2030, and the IA-CEPA should ensure that Australia cooperates and participates in Indonesia`s growth. Read our thoughts for more information on the Comprehensive Economic Partnership Agreement between Indonesia and Australia. The Australian Parliament ratified the agreement under the 2019 Customs Review Act (in addition to CEPs with Peru, Hong Kong and China) on November 26, 2019 and the bill received royal approval on December 3, 2019. [17] The Council of People`s Representatives ratified the agreement at a plenary session on 6 February 2020.

[18] It came into force on July 5, 2020. [19] Six rounds of negotiations have taken place between the two countries until February 2017 and both Australian Prime Minister Malcolm Turnbull and Indonesian President Joko Widodo (Jokowi) have pledged to end talks by the end of the year in March 2017. [9] Negotiations under way during the year did not conclude the agreement until the end of 2017, which was 10 cycles until November. [8] In March 2018, Indonesian Foreign Minister Retno Marsudi acknowledged that negotiators were still trying to resolve some of the issues and postponed the deadline until the end of 2018. [10] Indonesian Trade Minister Enggartiasto Lukita wanted to sign the agreement in April 2018. [11] Shortly after Indonesia ratified the agreement, the Australian Monash University announced its intention to open a campus in Indonesia, becoming the first foreign university in Indonesia. [20] Indonesian economic observers have noted that the free trade agreement could lead to an increase in imports of agricultural products, including Australian beef, which could supplant the local beef industry. [21] The Australian Labor Party also challenged the terms of the contract on investor-state disputes and temporary work in Indonesia in Australia. [22] Information on export and import opportunities can be found under IA-CEPA, AANZFTA and other free trade agreements on the FTA portal.