A new trade agreement between Indonesia and Australia will create the framework for a new era of economic engagement between Western Australia and the emerging ASEAN powerhouse.
Asian Engagement Minister Peter Tinley has welcomed the Indonesian parliament ratifying the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA).
Indonesia is already an important trading partner for WA with significant trade in wheat, live cattle and other key commodities. This agreement offers the opportunity to strengthen this relationship.
The agreement will open new markets and opportunities for WA businesses, primary producers, service providers and investors.
It will also offer a range of market access benefits for WA exporters in the food and agribusiness sector, and investment opportunities for service providers in the mining, education and vocational training sectors.
It comes as WA and East Java celebrate 30 years of their Sister State relationship.
WA’s Asian Engagement Strategy 2019-30: Our Future in Asia launched by Minister Tinley in August 2019 details a clear plan for the State’s engagement with Indonesia.
The Department of Jobs, Tourism, Science and Innovation is currently developing a Market Plan for Indonesia, as part of the strategy’s implementation.
In 2018-19, Indonesia was WA’s 12th largest market for merchandise exports, accounting for one per cent of the State’s merchandise exports.
The State exported $2.2 billion of merchandise to Indonesia over the same period, above the annual average of $1.7 billion over the past 10 years. Indonesia is expected to have the world’s fourth biggest economy by 2030.
The State Government offers support to WA businesses looking to export to Indonesia, through its Access Asia Business Grants. For more information visit https://www.jtsi.wa.gov.au
As stated by Asian Engagement Minister Peter Tinley:
“I was greatly encouraged to hear that the Indonesian Parliament ratified IA-CEPA last week and am confident that IA-CEPA will create the framework for a new era of economic engagement between WA and Indonesia.
“The McGowan Government welcomes this as a landmark agreement which will have a significant impact in growing our strong bilateral relationship.”