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Indonesia Opens Free Trade with Australia PDF Print E-mail
Written by Maizer   
Friday, 07 February 2020

Free trade agreement between Indonesia and Australia has been officially carried out. Because on the same day, Australia has also ratified the same regulations, namely regulations on the approval of the Indonesia-Australia Comprehensive Economic Partnership or the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA).

"We already have market access to Australia. In Australia we have also finished [ratified]. We will anticipate the next steps to move business actors to enter the Australian market," said the Minister of Trade, Agus Suparmanto, after attending the plenary meeting of the Act IA-CEPA in the DP.

 

On 9-10 February 2020, President Joko Widodo (Jokowi) will make a state visit to Australia. During the visit, said Agus, Jokowi will discuss various things, one of which is about trade agreements that have been formalized through this IA-CEPA.

 

"The visit of the President this weekend in Australia will bring a trade mission. And we will increase [exports to Australia] that are already underway. A visit to Australia will have a broad impact," he said.

 

Agus explained, in coordinating with entrepreneurs, the government was assisted by the Chamber of Commerce and Industry (Kadin) to review what commodities could be exported to Australia.

 

As for some commodities that are likely to be optimized are commodities that are currently often exported to several other countries. Among them are crude palm oil (CPO), spare parts, and automotive.

 

"For example, automatic CPO, automotive and textiles as well. But we will evaluate and anticipate. With this agreement, we should not be unprepared. After this agreement, maybe the association from Kadin to be able to review again, what commodities can be optimized for exported to Australia, "he said.

 

To note, Australia is the 17th non-oil and gas export destination country and the 8th source of non-oil and gas imports for Indonesia. The total trade between Indonesia and Australia in 2018 is US $ 8.6 billion.

 

In detail, the value of Indonesia's exports to Australia was recorded at US $ 2.8 billion and imports at US $ 5.8 billion. So that Indonesia still has a deficit of US $ 3 billion. However, the majority of Indonesia's top 10 imported commodities from Australia are raw materials or industrial auxiliary materials, such as wheat, coal, iron ore, aluminum, zinc, raw sugar, and milk and cream.

 

Indonesia's main export products to Australia in 2018 include petroleum valued at US $ 636.7 million; wood and furniture valued at US $ 214.9 million; LCD panel, LED; and other display panels worth US $ 100.7 million; footwear worth US $ 96.9 million; and tires valued at US $ 61.7 million.

 

Meanwhile, Indonesia's main import products from Australia are wheat valued at US $ 639.6 million; coal valued at US $ 632 million; live cattle of US $ 573.9 million; other raw sugar or sugar cane valued at US $ 314.7 million; and iron ore and other ores worth US $ 209.3 million.

 

The Australian investment in Indonesia in 2018 reached US $ 597.4 million with 635 projects consisting of more than 400 Australian companies operating in various sectors. The sectors include mining, agriculture, infrastructure, finance, health, food, beverages, and transportation.

 

 
		
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