17 November 2023
This week trade talks have been taking place in San Francisco – primarily for the Asia-Pacific Economic Cooperation (APEC), and the Indo-Pacific Economic Framework (IPEF). On the sidelines of those conferences, a number of equally important meetings have been taking place.
While attending these summits, Trade Minister Zulkifli Hasan has taken concrete steps for advancing Indonesia to the Organisation for Economic Co-operation and Development (OECD).
Indonesia’s application demonstrates a commitment to align more closely with OECD standards and norms, including open market settings. It demonstrates Indonesia is becoming further integrated with regional and global supply chains.
In a media release today, Australian Trade minister, Senator Farrell, has confirmed his country’s commitment to support Indonesia’s ambition to join the OECD, while meeting on the sidelines of APEC.
He notes that Australia and Indonesia are close friends and neighbours, and welcomes Indonesia to the OECD which carries many benefits for all parties. Australia will contribute to Indonesia’s efforts to prepare for the OECD accession process, by supporting an economic survey of Indonesia through the OECD.
Senator Farrell welcomed President Biden’s expression of support this week for Indonesia initiating the accession process. He and Minister Hasan also discussed deepening trade, investment and economic ties, which is a top priority for the Australian Government.
New representatives in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, will also be welcomed on the sidelines of APEC. Indonesia said last month that it still did not have any plans to join the CPTPP.
The USA is likewise not a member of the 12-nation CPTPP, so the IPEF summit is seen as a complementary alternative to it. IPEF, with 14 members – including Indonesia, accounts for about 40% percent of global GDP and 28% of global goods and services trade.
You may also be interested in our related article: Negotiating with Regional Neighbours.
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