Indonesia-Australia FTA crucial to our recovery

Indonesia’s decision to ratify its free trade agreement with Australia will help open new markets, create new jobs and build a stronger recovery for both nations, Business Council chief executive Jennifer Westacott said.

“Trade will be crucial to firing up Australia’s economy and creating new jobs in the wake of the COVID-19 pandemic.

“The benefits of being an innovative, open and trading-nation are simple, when we can sell more of our world class products and services we can create new jobs, higher incomes and more opportunities.

“More than ever we need to make Australia as competitive as it can be and the Indonesia-Australia Comprehensive Economic Partnership will be vital.

“This agreement lets Australian exporters grow by giving them greater access to one of our closest neighbours and one of the region’s biggest markets.

“By some estimates Indonesia is set to be the world’s fifth-largest economy by 2030. This agreement locks in bilateral trade and investment so that as Indonesia’s economy grows, Australia prospers.

“One of the best ways to create new opportunities for Australia workers is a growing economy fuelled by new investment and easier access to global markets. This agreement will help diversify Australia’s trade and strengthen our economic and cultural relationship with one of our closest and largest neighbours.

“In particular, this agreement will help supercharge growth in our regions by opening new markets for Australian products in agriculture such as livestock feed and industrial products like steel.”