Australia secures larger market share for its beef and sheep in Indonesia
Beef and sheep producers from Australia are the big winners in the Indonesia-Australia Comprehensive Economic Partnership Agreement signed today, says the minister for Agriculture and Water Resources, David Littleproud. The effects of the trade deal will be immediately felt by farmers, as most of their products (beef, sheep meat and livestock) are now duty-free.
"All tariffs on beef and sheep meat will be eliminated over five years with most eliminated immediately. At the moment they sit at 5%. The first 575,000 head of live male cattle are now duty-free, growing to 700,000 over six years. It will help boost farmgate prices," declared the minister in a press release.
In 2017, Indonesia was the 4th largest export market for Australia's agricultural products with live cattle accounting for $602 million, and beef and veal reaching to $284 million. Also, the country is on the track to be the world's 5th largest economy by 2030.