Australia
New Zealand The Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) will enter into force on July 5, 2020.
IA-CEPA culminates from ten years of arduous negotiation – a worthy investment to unify trade practices, achieve cross-market efficiencies and boost market access – between two of the largest economies in Southeast Asia.
This is fantastic news that will help spur trade and ease economic pressure caused by COVID-19.
According to Trade Minister Simon Birmingham, “This is the most comprehensive bilateral trade agreement Indonesia has ever signed and will give a competitive edge to Australian exporters, particularly at a time when many are doing it tough as a result of the COVID-19 crisis.”
The deal is in alignment with national interests to diversify Australian trade. Under the agreement, exports from Indonesia to Australia will enjoy zero tariffs. Likewise, over 99% of Australian exports will enjoy no duty, or significantly improved preferential arrangements.
Non-tariff trade measures will also be streamlined. This will save exporters both time and money in administrative processes.
For further information on how IA-CEPA could benefit your business, read our article on the ratification of IA-CEPA. Alternatively, contact one of our experienced customs brokers at 1800 727 195.
