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What is IA-CEPA ?

IA-CEPA creates a framework for Australia and Indonesia to unlock the vast potential of the bilateral economic partnership, fostering economic cooperation between businesses, communities and individuals.

Indonesia has been a growing market for Australian goods and services exporters. In 2018-19, total two-way trade in goods and services with Indonesia was worth A$17.8 billion, making Indonesia our 13th largest trading partner. IA-CEPA will provide Australian and Indonesian businesses an opportunity to expand and diversify this economic partnership.

As one of the fastest growing economies in the Indo-Pacific, Indonesia presents a significant opportunity for Australian businesses. By some estimates, Indonesia will be the world’s fifth-largest economy by 2030, and IA-CEPA ensures that Australia is well-placed to deepen economic cooperation and share in Indonesia’s growth. As strategic partners and the two largest economies in Southeast Asia, the agreement also complements and supports our shared interest in fostering a secure and prosperous region.

Australia’s arrangements with Indonesia under the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) remain unchanged. While IA-CEPA builds on outcomes in AANZFTA, the two agreements will co-exist after IA-CEPA enters into force. Businesses will continue to be able to use AANZFTA.

Source : https://www.dfat.gov.au/trade/agreements/in-force/iacepa/Pages/indonesia-australia-comprehensive-economic-partnership-agreement