<P> Two - way trade between Australia and Indonesia was worth $14.9 billion in 2011--12, an increase of 8.3% from the previous year . Australian investment in Indonesia totalled $5.4 billion, while Indonesian investment in Australia grew 11% to $454 million over the same period . Austrade estimates that more than 400 Australian companies operate in Indonesia . </P> <P> The level of trade between Australia and Indonesia has grown, on average, by 7.3% per year, although it has been susceptible to drops in demand following events such as the Asian economic crisis and the 2002 outbreak of SARS . Each country represents approximately 3% of the other's export market . </P> <P> Australia and Indonesia are both members of the ASEAN - Australia - New Zealand Free Trade Area, signed in February 2009 . Both countries are currently negotiating an Indonesia - Australia Comprehensive Economic Partnership Agreement (CEPA), intended to build upon existing agreements . The first round of discussions was held in Jakarta in September 2012 . Indonesia applies most favoured nation status to Australian imports, while Australia applies equivalent concessions through its developing country tariff rate . </P> <P> Australia's primary exports to Indonesia include wheat, livestock (beef and cattle), petroleum, aluminium and cotton, while Indonesia's major exports include crude and refined petroleum, gold, iron, steel, and aluminium structures . More than 15,000 Indonesians students are enrolled in Australian schools and universities, making a contribution of $500 million to the Australian economy . </P>

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