Indonesia, Australia agree to foster trade cooperation hinh anh 1Indonesian President Joko Widodo and Australian Prime Minister Scott Morrison (Photo: AFP/VNA)

Sydney (VNA) – Indonesian and Australian leaders have affirmed the importance of promoting economic and trade cooperation between the two countries, and their joint efforts to ensure regional stability and mitigate the negative impacts of natural disasters as a consequence of climate change.

The two sides agreed on the above-mentioned issues during a visit to Australia by Indonesian President Joko Widodo from February 8-10.

During the visit, leaders of the two countries issued a joint statement affirming that they will strengthen the bilateral cooperation in five pillars on the basis of the comprehensive strategic partnership.

President Widodo and Australian Prime Minister Scott Morrison expressed their concern about the situation in the East Sea due to militarization activities and changing the status quo. They emphasized the importance of abiding to the UN Convention on the Law of the Sea (UNCLOS) 1982 in resolving disputes at sea, noting that the negotiations between ASEAN and China on a Code of Conduct of Parties in the East Sea (COC) should follow international law without harming the interests of a third party or other countries.

The two sides have announced a 100-day Action Plan to implement the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA), which was signed by Widodo and Morrison on February 10; and a bilateral cooperation plan for the 2020-2024 period within the framework of comprehensive strategic partnership.

According to the Australian Department of Foreign Affairs and Trade, from April 2020, about 99 percent of imports and exports between the two countries will be exempted from tax or entitled to tax reduction in accordance with the agreement./.