"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.
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