The significant trade relationship between Indonesia and Australia is the subject of a standards trade study released today, ahead of finalising negotiations between the two countries as part of the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA).
“With bilateral trade between Indonesia and Australia valued at $16.4 billion in 2016-17, and 80% of world trade affected by standards, it is critical for standards to play a central role as economic negotiations progress,” said CEO of Standards Australia, Dr Bronwyn Evans.
“This landmark standards trade enabling study will help Indonesian and Australian businesses maximize opportunities under IA-CEPA. The study examined Indonesia’s and Australia’s engagement internationally and nationally and has identified future areas of cooperation that will be critical to support IA-CEPA, said Prof Dr Ir Bambang Prasetya, Chairman of the National Standardization Agency of Indonesia (BSN).”
The study has been delivered as a result of the work between BSN – Indonesia and Standards Australia. Standards harmonisation, technical alignment and regulatory coherence were key focal points of the study and will feature heavily in supporting an outcomes-based IA-CEPA.
“The IA-CEPA, supported by this study, will be an important contributor to the growing economic relationship between Indonesia and Australia, as it delivers on its goals of enabling the flow of two-way trade, lowering tariffs, and boosting bilateral investment,” said Dr Evans.