Aust. & Indonesia Forge Closer Trade, Investment

Australia and Indonesia Forge Closer Trade and Investment Ties

Australia and Indonesia have strengthened commercial ties through a Trade and Investment Framework (TIF) signed today by Deputy Prime Minister and Minister for Trade, Mark Vaile and Indonesian Trade Minister, Dr Mari Pangestu.

The TIF was signed in a meeting held in the margins of the ASEAN-CER consultations in Vientiane, Laos.

"This marks a significant development in our economic relationship with Indonesia and I look forward to working with industry to ensure this agreement delivers real commercial benefits," Mr Vaile said.

Mr Vaile said Australian business would be closely consulted on the implementation of the framework agreement.

"Australian companies stand to benefit from the TIF which will strengthen commercial ties by enhancing business opportunities and improving facilitation of trade in goods, services and investment," Mr Vaile said.

"The TIF is also consistent with and supportive of both countries' objectives in the ASEAN-Australia-New Zealand FTA negotiations and the World Trade Organization Doha round negotiations for global trade reform.

"The Framework reflects our commitment to take forward the Australia-Indonesia Comprehensive Partnership agreed by the Prime Minister and President Susilo Bambang Yudhoyono in April this year."

Indonesia is Australia's 10th largest trading partner with two way trade in goods and services totalling A$8.5 billion in 2004.

© Scoop Media