Visit by Indonesian Trade Minister to Boost Economic Partnership

Tomorrow I will host Indonesia's Trade Minister, H.E. Mr Thomas Lembong, for discussions on Australia's expanding economic partnership with Indonesia.

Australia and Indonesia's trade and investment relationship is underdone despite us being large, G20 economies in close proximity. Australia's two-way trade with Indonesia was valued at $14.8 billion in 2014-15 making it only our 12th largest merchandise trade partner. Two-way investment was valued at $9.6 billion in 2014 with Australian investment in Indonesia at $8.1 billion and Indonesian investment in Australia at $1.5 billion.

There is significant scope to expand on our trade and economic relationship. With a growing population of more than 250 million people, including an emerging middle class of around 50 million people, the Indonesian economy presents real opportunities for Australian businesses.

The Australian Government is committed to building on the recent trifecta of free trade agreements with China, Japan and Korea and the conclusion of the TPP to further boost jobs and growth in the Australian economy.

I will advance our negotiations on the Indonesia-Australia Comprehensive Economic Partnership Agreement, which will strengthen trade, investment and economic cooperation between our two countries. Minister Lembong's visit to Australia reflects the priority both governments place on advancing this Agreement expeditiously.

It follows the highly successful visit by an Australian business delegation to four Indonesian cities in November 2015 for Indonesia Australia Business Week, during which former Trade and Investment Minister Andrew Robb announced we would reinvigorate negotiations towards a free trade agreement.

Mr Lembong will visit Australia from 15 to 18 March and will take the opportunity to meet the Australian business community in Sydney and Melbourne. There are opportunities for Australian companies to grow their businesses in Indonesia, including through investment in infrastructure and in the education, healthcare, tourism and information and communication technology sectors.