Indonesia-Australia Synergy Accelerates Economic Recovery After COVID-19

The Government of Indonesia, through the Ministry of Trade (Mendag) and the Government of Australia, through the Australian Ministry of Trade and Investment, agreed to synergize to accelerate the economic recovery of the two countries after COVID-19.

Trade Minister Muhammad Lutfi said the synergy was to increase the value of trade and investment between the two countries and make positive contributions, both regional and multilateral.

“This visit reflects the commitment of the two countries to increase the value of trade and investment after the implementation of the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) which took place on July 5, 2020. This meeting is also an effort to restore the economy of the two countries after the COVID-19 pandemic,” the Minister of Trade explained in a press conference held after the meeting. Visit of The Minister of Trade and Investment of Australia Dan Tehan on Wednesday (09/29/2021).

According to the Minister of Trade, the visit was also an effort to strengthen the economic cooperation between Indonesia and Australia.

During this bilateral meeting the two countries discussed the implementation of IA-CEPA and various trade and investment issues in several countries, namely the ratification process of the Regional Comprehensive Economic Partnership (RCEP) and the improvement of the ASEAN Australia New Zealand Free Trade Area (AANZFTA).

It also discussed the preparation of the Organisation for Economic Co-operation and Development (OECD) Ministerial Meeting as well as developing issues in the G20, Asia-Pacific Economic Cooperation (APEC), and the World Trade Organization (WTO).

“In general, Indonesia and Australia agreed to strengthen cooperation between the two countries to complement each other. Indonesia and Australia must be bolder and creative in pursuing new approaches to boost the recovery of both post-recession economies,” he explained.

The Minister added that the two Trade Minister also discussed important investments in the mining, health, and higher education sectors.

“In addition, IA-CEPA has been running. We also convey that the first meeting of the IA-CEPA Joint Committee which is a forum to monitor the implementation of IA CEPA, has been held on August 25, 2021,” he explained.