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Indonesia says trade, investment deal with Australia takes effect

An Indonesia-Australia deal that eliminates most trade tariffs between the two nations and aims to open up investment, took effect on July 5, Reuters quoted Indonesia's Trade Ministry as saying.
Indonesia says trade, investment deal with Australia takes effect ảnh 1Indonesian President Joko Widodo and Australian Prime Minister Scott Morrison. (Photo: VNA)


Hanoi (VNA) - An Indonesia-Australia deal thateliminates most trade tariffs between the two nations and aims to open upinvestment, took effect on July 5, Reuters quoted Indonesia's Trade Ministry assaying.

The Indonesia-AustraliaComprehensive Economic Partnership Agreement (IA-CEPA), signed last year andratified by the Indonesia's parliament in February, aims to boost bilateraltrade that was worth 7.8 billion USD in 2019.

"COVID-19 has resulted ineconomic slowdown in nearly all countries," Indonesian Trade Minister AgusSuparmanto said in a statement. "IA-CEPA momentum can be used tomaintaining Indonesian trade and improve competitiveness."

In a signing ceremony lastyear, the two countries said the pact would eliminate all Australian tariffs onimports from Indonesia, while 94 percent of Indonesian tariffs would begradually removed.

Australia aims to boost exportsincluding wheat, iron ore and dairy, while Indonesia hopes to increaseautomotive exports, textile and electronics. The deal opens up investment,including for Australian universities in Indonesia./.

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