The next steps involve both parties’ legal teams reviewing the agreement and finalising it with a view to translating the text into English and Bahasa Indonesia. Following translation, a formal signing ceremony will take place and the agreement will be made public.
Although IA-CEPA is not far away from being signed, the actual deal will not take effect until both Governments have completed their domestic processes and transposed the agreement into law. As part of this process, enabling domestic legislation will need to be enacted by the Australian Parliament, which will include an inquiry by the Parliamentary Joint Standing Committee on Treaties, as well as changes to various regulations. Similar steps would occur in Indonesia which may take up to a year to finalise.
Please contact Tasdikiah Siregar (Managing Partner), and Diane Jungmann (Senior Foreign Counsel) in Jakarta, Indonesia if you have any questions arising from this publication.
In Indonesia, TNB & Partners works in association with Norton Rose Fulbright Australia, which is strategically positioned in Jakarta, Indonesia’s financial and commercial centre, and has developed strong corporate, commercial, and banking and finance practices.
We have experience in advising on free trade agreements and market access issues, which is especially relevant for business in Indonesia, with its fast-growing emerging economy, attracting a wide range of international investors.
Norton Rose Fulbright is a global law firm, with more than 50 offices across Europe, the USA, Canada, Latin America, Asia Pacific, the Middle East and Central Asia.