On January 28, 1992, more than 99% of the product categories in this trading bloc were duty-free. In terms of Indonesia`s intra-ASEAN business activities in 2015, Singapore and Malaysia led the way with USD 30.6 billion and US$16.1 billion respectively. Like the ASEAN-Japan Comprehensive Cooperation Agreement, the creation of a free trade area between ASEAN countries and South Korea, which came into force in 2007, also aims to boost trade by eliminating tariff and non-tariff barriers. Indonesia has a significant annual trade volume with South Korea; $16 billion in 2015. Indonesia`s trade agreement with Pakistan was signed in 2012 and came into force in 2013. Under the preferential trade agreement, Indonesia and Pakistan agree to each other preferential tariff rates for more than 200 products. The annual trade value between Indonesia and Pakistan was $2.1 billion in 2015. Given all these years of working from both Australia and Indonesia to create an exuberant environment for bilateral trade and investment, and given the proximity of our lands, Indonesia will soon climb up, where Australians do business. A Framework Agreement on Partnership and Comprehensive Cooperation was signed on 9 November 2009 and came into force on 1 May 2014.
The agreement forms the basis of regular political dialogue and sectoral cooperation and takes bilateral relations to the next level. The agreement provides a legal framework for integration and cooperation in a wide range of policy areas, including human rights, political dialogue and trade. An agreement with a closer economic partnership between Indonesia and Australia is being negotiated, based on existing agreements. Indonesia applies the most favoured nation status to Australian imports, while Australia applies equivalent concessions through its tariff in developing countries. In addition to the trade agreements already in place, Indonesia has also signed a cooperation that is not yet a party, namely the trade preference system of the Organization of the Islamic Conference, which involves 35 countries. Indonesia is a member of the free trade agreement between ten ASEAN member states and China. The original framework was signed on November 4, 2002. Under the agreement, which came into force on 1 January 2010, China and the six ASEAN members, Indonesia, Malaysia, Brunei Darussalam, the Philippines, Singapore and Thailand, wanted to reduce import duties to more than 90% of the goods traded.
Indonesia is the sixth country in the region to enter into negotiations for a bilateral free trade agreement with the EU, after Singapore (2010), Malaysia (2010), Vietnam (2012), Thailand (2013) and the Philippines (2015). To date, the EU has concluded negotiations on bilateral agreements with two of them: Singapore (2014) and Vietnam (2015). Bilateral free trade agreements between the EU and ASEAN countries will form the building blocks of a future EU-ASEAN agreement, which remains the EU`s ultimate goal. Intellectual property protection provisions (Chapter 5, Appendix XVII and Patent Protocol) include, among other things, trademarks, copyrights, patents, undisclosed information, industrial designs and geographical indications, and include provisions relating to the application of intellectual property rights and cooperation between the parties. These provisions are based on the WTO agreement on trade-related aspects of intellectual property rights (TRIPS) and provide for a high level of protection, taking into account the principles of the most favoured nation and national treatment.