10:24 | 22/03/2016 Global Economy
Australia and Indonesia have recently announced they will resume negotiations on a comprehensive economic partnership agreement.
Australian Trade Minister Steven Ciobo and Indonesian Trade Minister Thomas Lembong (Source: AAP)
The announcement was made by Australian Trade Minister Steven Ciobo and Indonesian Trade Minister Thomas Lembong during a ministerial meeting held in Canberra on March 16.
The Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) is believed to open up a new era for a closer economic relation between the two countries.
The IA-CEPA negotiations commenced in the Indonesian capital of Jakarta in September 2012 with the aim to strengthen and expand the countries’ trade, investment and economic cooperation relationship as well as forming a key part of Australia 's regional economic integration.
Indonesia is Australia 's 12th largest trading partner and their two-way trade hit 14.9 billion AUD (11.3 billion USD) in 2013.
Investment from Australia to Indonesia was estimated at 10.9 billion USD (8.3 billion USD).
About 400 Australian enterprises are running business in Indonesia , mainly in mining, agriculture, construction, infrastructure, finance, and healthcare./.