NEWS
Aus, Indo FTA to open new markets
VISHNU SHAHANEY, INDONESIA CHIEF EXECUTIVE OFFICER, ANZ | MARCH 2019
The free-trade agreement signed by Australian and Indonesia is a historic development that will boost trade and economic growth in both countries.
The Indonesia Australia Comprehensive Economic Partnership Agreement (IACEPA), signed in Jakarta by Australian Trade Minister Simon Birmingham, will create closer economic engagement between the two countries and boost the $A16.8 billion two-way trade relationship.
It’s an agreement which will open new markets and opportunities for businesses, primary producers, service providers and investors in both countries.
Research shows both countries are in the biggest 20 economies in the world, but neither is in each other’s top 10 trading partners, illustrating the scope of the opportunity.
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“This agreement will open new markets and opportunities for businesses, primary producers, service providers and investors in both countries.”
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Connect
ANZ looks forward to the agreement being formally ratified in Parliament. The bank is well placed to take advantage of the inevitable growth in trade between the two nations and help connect customers in Indonesia with our home market in Australia.
While the Australian outlook is muted, both ANZ and OECD forecasts show growth in Indonesia is expected to remain at 5 per cent or above in 2019-20.
GDP growth in Indonesia has been resilient, an impressive result in an era of softness across global giants including the US, China, Japan and European Union. A closer look at Indonesia’s economy reveals room for upside in many of its GDP drivers.
ANZ first established its presence in Indonesia in 1973. The business continues to play an important role in the bank’s institutional strategy, combining a global network with local insights to support our customers’ needs.
Vishnu Shahaney is Indonesia Chief Executive Officer at ANZ
To read more about oppurtunites in indonesia, click HERE.
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