Indonesia, Australia encourage IA-CEPA ratification

Indonesia, Australia encourage IA-CEPA ratification

Indonesian Defense Minister Prabowo Subianto (right), Indonesian Foreign Minister Retno Marsudi (second right), Australian Defense Minister Linda Reynolds (left) and Australian Foreign Minister Marise Payne chat during a bilateral meeting in Nusa Dua, Bali on Friday. ANTARA FOTO/Fikri Yusuf/wsj.

We have updated the ongoing process of ratifying IA-CEPA both in Indonesia and Australia
Bali (ANTARA) - The governments of Indonesia and Australia are committed to encouraging the ratification of the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA), according to the foreign ministers of the two countries.

"We have updated the ongoing process of ratifying the IA-CEPA both in Indonesia and Australia," Indonesian Foreign Minister Retno Marsudi said at a joint press conference with her Australian counterpart Marise Payne, and the defense ministers of Indonesia and Australia, Prabowo Subianto, and Linda Reynolds, respectively, following a bilateral 2+2 meeting in Bali Friday.

In early March 2019, the governments of the two countries agreed to the IA-CEPA. To follow up on the agreement, the parliaments of the two countries held deliberations on the IA-CEPA.

On Monday (December 2, 2019), Vice Chairman of the Indonesian House of Representatives (DPR)/Coordinator of Economic and Financial Affairs Sufmi Dasco Ahmad said the DPR has set December 18, 2019 as a deadline for the ratification of the IA-CEPA. Meanwhile, the Australian parliament is scheduled to ratify the IA-CEPA on December 12, 2019.

As two largest economies in the region, both countries have more room to deepen trade and investment ties, Payne said.

"And we encourage the application of IA-CEPA next year," she said.

The IA-CEPA, which is based on the principles of the free trade agreement, will build economic relations between Indonesia and Australia in the future, according to Payne.

Both countries have the same commitment to apply the principles of an open economy and realize a just, free and mutually beneficial trade and investment cooperation, Retno said.

"In this regard, Indonesia also expects Australia's commitment to continue its cooperation (with Indonesia) so that the RCEP (Regional Comprehensive Economic Partnership) can be signed in 2020," she said.

The RCEP is a comprehensive economic partnership between the Association of Southeast Asian Nations (ASEAN) member states and their six partners including Australia. 

Related news: CEPA to herald new era of Indonesia-Australia economic cooperation

Related news: IA-CEPA to increase Indonesia`s exports to Australia


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