The two countries have been closer to the final round and starting strategic partnership, chairman of the Indonesian negotiation team for IA-CEPA Deddy Saleh said here on Friday.
The 5-day 10th round of negotiation ending on Friday constituted a crucial moment for the two negotiating teams to formulate results of agreement to accommodate the interests of the two countries.
"This negotiation constitutes a form of economic partnership. Therefore, the result of the agreement is expected to be mutually beneficial," Dedy said in a written statement available to Antara .
In the 10th round the delegations worked hard to find a balance of various interests to be struggled for, particularly related to development of economic potentials of the two countries.
The negotiators of the two countries, therefore, agreed to hold another round of negotiations early December, 2017 to reach a result that would satisfy both sides.
Through the IA-CEPA, Indonesia wants to develop a partnership useful for its economic development and strengthen its competitiveness.
One form of partnership already successfully identified is in educational sector.
In facing the last round in Decemb er, the Indonesian delegation will carry out consolidation and coordinate with all related agencies including business players and Indonesia-Australia Business Partnership Group (IA-BPG).
IA-CEPA is expected to be the starting point in the development of bilateral economic relations between Australia and Indonesia. If agreed upon, IA-CEPA will be the second bilateral investment and trade agreement Indonesia has with other countries after one with Japan in 2008.
The fourth most populous countries with a population of 250 million is only the 12th trade partner for its neighbor Australia in the most dynamic economic region in the world.
On 2 November 2010, Indonesia and Australia agreed to form IA-CEPA.
IA-CEPA is a form of comprehensive and modern economic cooperation, which is non Free Trade Agreement (FTA). The most important element in IA-CEPA is cooperation and partnership.
Currently the negotiation teams of the two countries are intensifying more meetings from every four momnths previously to every two months , plus inter session directly or through correspondences .