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Ia Cepa Agreement

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We have experience in consulting on free trade agreements and market access issues, which are particularly relevant to the Indonesian economy, with its rapid growth, and attract a wide range of international investors. The Australian Parliament ratified the agreement under the 2019 Customs Review Act (in addition to CEPs with Peru, Hong Kong and China) on November 26, 2019 and the bill received royal approval on December 3, 2019. [17] The Council of People`s Representatives ratified the agreement at a plenary session on 6 February 2020. [18] It came into force on July 5, 2020. [19] The Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) sets the stage for a new era of closer economic relations between Australia and Indonesia and opens up new markets and opportunities for businesses, primary producers, service providers and investors. The AI-CEPA is a comprehensive agreement based on existing multilateral and regional agreements, including the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA). The AI-CEPA came into effect on July 5, 2020. Indonesia-Australia Business Partnership Group (IA-BPG) welcomes and supports the creation of the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA). The AI-BPG firmly believes that the AI-CEPA should be a single agreement with a single approach. The next steps are for the legal teams of both parties, who are reviewing and concluding the agreement in order to translate the text into English and Bahasa Indonesia. The translation will be followed by a solemn signing ceremony and the agreement will be made public. Information on export and import opportunities under IA-CEPA, AANZFTA and other free trade agreements can be found on the FTA portal. The IA-CEPA builds on the benefits of the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) agreement, which will be continued in parallel with the IA-CEPA.

Importers and exporters have the opportunity to choose the agreement that is best for them. Under the IA-CEPA, Australia will immediately remove all remaining tariffs on Indonesian imports into Australia and has implemented the most liberal original requirements for Indonesian electric vehicles in a trade agreement. Department of Foreign Affairs and Trade (DFAT), Indonesia-Australia Comprehensive Economic Partnership Agreement (2018) Australia Government: Department of Foreign Affairs and Trade – Free trade agreements . Increased access to services and investment markets under the agreement will result in a majority stake of Australian companies in companies in certain sectors in Indonesia. “After discussions earlier this week with my Indonesian counterpart, Trade Minister Agus Suparmanto, we welcome this step which will see the benefits of this trade agreement from 5 July this year,” said Minister Birmingham. During the first foreign visit of new Australian Prime Minister Scott Morrison to Jakarta, he and Jokowi announced an agreement on the IA-CEPA on 31 August 2018. [12] However, the signing was delayed due to a bilateral dispute over Australia`s recognition of West Jerusalem as israel`s capital, which sparked Indonesian diplomatic protests. [13] [14] The agreement was finally signed in March 2019 by Lukita and Australian Trade Minister Simon Birmingham, subject to ratification by the Australian Parliament and the Council of Indonesian People`s Representatives. [15] [16] For more information, please visit the IA-CEPA Department of Foreign Affairs and Trade website and the Austrade IA-CEPA website, including the full text of the agreement, a guide on the use of AI-CEPA for the export or importation of goods.