After a series of halting negotiations, it has been confirmed by Minister for Trade, Tourism and Investment, Senator the Hon Simon Birmingham, and Department of Foreign Affairs and Trade Deputy Secretary, Mr Christopher Langman, that the Australia-Indonesia Free Trade Agreement is expected to be signed in March of this year.
“I’ve continued to have very constructive discussions with a number of Indonesian ministers in the last few months and am pleased to be finalising arrangements that we hope will achieve a March signing,” the Minister said.
In 2017, two-way trade between Australia and Indonesia was valued at $16.5 billion, and investment at $11.8 billion; both of which would be expected to increase exponentially under the guidance of a trade deal.
“This is a strong deal for both our countries, which will increase the two-way flow of trade and investment, creating more opportunities for farmers, businesses and economic development”.
Australia’s primary exports to Indonesia include wheat, livestock, petroleum, aluminium and cotton. The agriculture industry will likely experience a much-needed boost in trading – over $185 million just in the wheat sector alone – once this deal is signed.