"We have evaluated the past five years. We can also review next year's plan. We will see whether the agreement is implementable and so on," Santoso remarked on the sidelines of the commemoration of five years of the IA-CEPA in Jakarta on Thursday.
He emphasized that the trade agreement review is not only conducted with Australia but also with all countries that have trade agreements with Indonesia.
Indonesia has implemented 19 trade agreements, 10 agreements are in the process of ratification, and 16 others are still under negotiation.
"The more trade agreements we have, the better our market access (to other countries) will be," he affirmed.
The minister also revealed that the trade agreements whose negotiations have been completed this year are those with Canada, the Eurasian Economic Union (EAEU), Tunisia, and the European Union (EU).
The IA-CEPA came into effect on July 5, 2020, and since then, bilateral trade between Indonesia and Australia has doubled.
Combined trade in goods and services grew from 17.7 billion Australian dollars (around Rp188.7 trillion) in 2019 to 35.4 billion Australian dollars (around Rp377.4 trillion) in 2024.
Currently, Indonesia exports more goods and services to Australia and recorded a trade surplus with Australia of 3.13 billion Australian dollars (around Rp33.3 trillion) in 2024.
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Translator: Martha Herlinawati Simanjuntak
Editor: Arie Novarina
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