Speaking at the 5th-anniversary celebration of IA-CEPA in Jakarta on Thursday, Santoso noted that the review aligns with the spirit of strengthening economic cooperation, as affirmed by Indonesian President Prabowo Subianto and Australian Prime Minister Anthony Albanese last May.
"The IA-CEPA review process aims to increase the benefits of the agreement for both countries," he remarked.
The minister affirmed that by involving business players, academics, and communities, this agreement is expected to continue to provide positive contributions to both the Indonesian and Australian economies.
IA-CEPA has provided a more strategic, deeper, and broader framework for cooperation than just tariff liberalization. This agreement has also positively impacted trade in goods and services, as well as investment between the two countries.
The total bilateral trade reached a record high of US$15.4 billion in 2024, with Indonesia's exports growing by 14.46 percent and imports increasing by 17.42 percent over the 2020-2024 period.
In the services sector, Indonesia's service exports to Australia grew by 19.18 percent during the 2019-2023 period.
Australia's investment in Indonesia has continued to rise, particularly in mining, renewable energy, the chemical industry, education, hotels, and restaurants.
"This commemoration is expected to serve as a momentum to strengthen commitment going forward, explore more cooperation opportunities, and deepen the friendship between the two countries," he stated.
From January to May 2025, total trade between Indonesia and Australia was recorded at US$5.15 billion.
During this period, Indonesia's exports to Australia reached US$1.52 billion, while Indonesia's imports from Australia amounted to US$3.63 billion.
Indonesia's mainstay export products to Australia include petroleum products–excluding crude oil–, monitors and projectors, bulldozers, pipes and tubes, and wood.
Meanwhile, Indonesia's main imports from Australia are wheat and mixed grains, iron ore and concentrate, gold, and cane or beet sugar.
Translator: Maria Cicilia, Raka Adji
Editor: Aditya Eko Sigit Wicaksono
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