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Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) Update

Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) Update. Michael Mugliston Special Negotiator Free Trade Agreement Division 7 March 2011. Australia – Indonesia. The region’s two largest economies

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Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) Update

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  1. Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) Update Michael Mugliston Special Negotiator Free Trade Agreement Division 7 March 2011

  2. Australia – Indonesia • The region’s two largest economies • One of Australia’s most important bilateral relationships on almost all fronts • Scope exists for improving trade and investment relationship

  3. ASEAN our Second Largest Trading Partner: But what about Australia - Indonesia? Australia’s Trade with ASEAN ($billion) Australia’s Major Trading Partners (% 2009-10) 8.6 per cent annualised growth Source: ABS, Treasury analysis

  4. Two-way Goods and Services Trade ($billion) Source: ABS

  5. Australia’s Investment in Indonesia Australia’s total investment in Indonesia ($ billion) Australian investment in ASEAN by Country (2009) 16 per cent annualised growth in total investment Source: ABS

  6. Indonesia’s Investment in Australia Indonesia’s total investment in Australia ($ billion) Investment in Australia by ASEAN Countries (2009) 12 per cent annualised decline since 2005 Source: ABS

  7. Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) Negotiations • Launched by Leaders, Nov 2010 • covering trade, investment and economic cooperation issues •  Negotiations will take into account: • the ASEAN-Australia-New Zealand FTA (AANZFTA); and • Australia-Indonesia FTA Joint Feasibility study, April 2009.

  8. Key AANZFTA Outcomes • AANZFTA expected to enter into force for Indonesia in the near future • Extensive tariff reduction and elimination commitments •  Indonesia to eliminate duties on 93.2 per cent of tariff lines by 2025 • covering 93.4 per cent of Australia’s exports •  Australia to eliminate duties on 100 per cent of tariff lines by 2020

  9. Key AANZFTA Outcomes (cont’d) • Enhanced certainty through “WTO-plus” services commitments • Legal protections for investment • Commitments in intellectual property and competition policy • Regionally focussed economic cooperation to assist ASEAN countries implement the Agreement

  10. Next Steps: IA-CEPA •  DFAT call for industry submissions • Welcome inputs on trade, investment and economic cooperation interests  • Joint Feasibility study highlights some key “AANZFTA-plus” interests for both sides. • Pre-negotiation consultations • Further Engagement: G2G, G2B, B2B.

  11. Conclusion • AANZFTA paves the way for deeper economic integration with ASEAN • IA-CEPA represents a further step towards realising a higher-level and mutually beneficial economic partnership between Australia and Indonesia • Follow progress at http://www.dfat.gov.au/fta/iacepa/index.html

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