Indonesia, Australia to strengthen bilateral trade cooperation

UPDATED: 19:27, June 25, 2007

The trade ministers of Indonesia and Australia promised to promote and deepen bilateral trade and investment not only in mining but also in manufacturing, servicing, staff training, health care and other sectors at the 7th Indonesian and Australian Trade Ministerial Meeting held on Monday.

"Today, we discuss the implementation of Trade and Investment Framework (TIF), and how to facilitate bilateral trade, investment and market access,"Indonesian Trade Minister Mari Pangestu said at a press conference after the meeting.

"There were about 50 top businessmen mostly from Australia attended the meeting to give their suggestions on improvement of investment environment in Indonesia," she said, adding "geographical location of Indonesia and Australia made us have great space on trade, economy and investment development, but bilateral trade volume accounts for a small portion in the global trade of Australia. So we agreed to go on upgrade this kind of comprehensive cooperation."

"The bilateral trade between us has increase quickly in the past decade, but if compare to other Asian countries, there are still a lot of potential fields to boost,"Australian Minister for Trade Warren Truss echoed his counterpart.

He expressed satisfaction on the cooperation of the two countries in stipulating for the ASEAN-Australia-New Zealand Free Trade Agreement. The recommendation of experts about bilateral free trade region would be evaluate by Australian leaders.

Indonesian and Australian Trade Ministerial Meeting began on August 2000 and held in turns every year between the two countries with the purpose to tighten trade relationship.

According to Indonesian Trade Ministry's data, Australia became the 9th biggest export destination for Indonesian products with the volume of 2.77 billion U.S. dollars in 2006 with yearly increase rate of 24.4 percent.

Source: Xinhua

People's Daily Online ---