Indonesian Trade Minister Enggartiasto Lukita welcomed his Australian counterpart Simon Birmingham in Jakarta at the start of the month for the signing of the Indonesia-Australia Comprehensive Economic Partnership Agreement. 

The ceremony and accompanying business forum on March 4 came after more than eight years of negotiations between the two countries, who must now each follow their respective domestic treaty-making processes. 

Building on commitments from various other agreements, the  IA-CEPA creates a framework for a bilateral economic partnership between Australia and Indonesia, with a focus on fostering economic cooperation between businesses, communities and individuals.

According to the Australian Department of Foreign Affairs and Trade, the rapid growth of the Indonesian economy within the Indo-Pacific meant there were significant opportunities for Australian businesses.

"By some estimates, Indonesia will be the world's fifth-largest economy by 2030, and IA-CEPA ensures that Australia is well-placed to deepen economic cooperation and share in Indonesia's growth," it said.

"As strategic partners and the two largest economies in Southeast Asia, the agreement also complements and supports our shared interest in fostering a secure and prosperous region."

Source:  Australian Department of Foreign Affairs and Trade.

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