Article 15.1: Objectives
- Economic cooperation under this Chapter shall be built upon a common understanding between the Parties to support the implementation of this Agreement, with the objective of maximising its benefits, supporting pathways to trade and investment facilitation, and further improving market access and openness to contribute to the sustainable inclusive economic growth and prosperity of the Parties.
- The Parties reaffirm the importance of economic cooperation activities between them and shall seek, if possible, to minimise duplication of ongoing efforts and utilisation of resources, particularly under other trade agreements and economic cooperation programs.
Article 15.2: Scope
Economic cooperation under this Chapter shall support the effectiveness and efficiency of the implementation and utilisation of this Agreement through activities that relate to trade and investment as specified in the Annual Work Program.
Article 15.3: Committee on Economic Cooperation
- For the purpose of effective implementation of this Chapter, and to achieve better coordination of economic cooperation activities with efficient and effective allocation and use of resources, a Committee on Economic Cooperation (the Committee) is hereby established.
- Australia and Indonesia shall jointly chair the Committee. The membership of the Committee shall include representatives from the Committee on Trade in Goods, Committee on Trade in Services and Committee on Investment.
- Members of the Committee shall be familiar with the scope of economic cooperation activities conducted under this Agreement and promote coherence between these activities and the work undertaken through the broader bilateral economic partnership.
- The Committee shall meet within one year of the date of entry into force of this Agreement and, unless the Parties otherwise agree, once every year after that.
- The functions of the Committee shall include, but not be limited to, the following:
- developing medium-term objectives as a guideline for the development of an annual work program of economic cooperation activities ("Annual Work Program") for consideration and approval by the Joint Committee;
- developing an Annual Work Program for consideration and approval by the Joint Committee, including coordinating and prioritising proposals for economic cooperation activities from the Committee on Trade in Goods, the Committee on Trade in Services and the Committee on Investment as well as their subsidiary bodies;
- conducting a review of the Annual Work Program from the previous year and providing a report to the Joint Committee;
- overseeing and reviewing the implementation of the Annual Work Program to assess its overall effectiveness and contribution to the implementation of this Agreement;
- working with other Committees and subsidiary bodies to establish and maintain effective communication and coordination on economic cooperation activities; and
- resolving issues and concerns about the implementation of the Annual Work Program as agreed by the Parties.
Article 15.4: Formulation of Annual Work Program
- Each activity in an Annual Work Program developed under this Chapter shall:
- be guided by the medium-term objectives, as agreed in Article 15.3.5(a);
- be related to trade or investment and support the implementation of this Agreement;
- involve both Parties;
- address the mutual priorities of the Parties;
- avoid duplicating existing economic cooperation activities; and
- take into consideration the economic cooperation needs as proposed and identified by other Committees.
- In developing the Annual Work Program, the Committee shall take into account the Annual Work Program review under Article 15.3.5(c).
- The Joint Committee may modify the Annual Work Program, taking into account the Annual Work Program review under Article 15.3.5(c), any recommendations from the Committee and available resources. The Joint Committee may modify the Annual Work Program out of session if agreed by the Parties.
- The first Annual Work Program will be developed in accordance with the medium-term objectives attached to the exchange of letters constituting an agreement on economic cooperation signed between Australia and Indonesia in connection with the signing of this Agreement.
Article 15.5: Contact Points
Each Party shall designate a contact point to facilitate communication between the Parties on all matters relating to the implementation of the Annual Work Program and shall update the other Party on any changes to the details of the contact points.
Article 15.6: Resources
- Resources for economic cooperation under this Chapter shall be provided in a manner as agreed by the Parties and in accordance with the laws and regulations of the Parties.
- The Parties, on the basis of mutual benefit, shall consider cooperation with, and contributions from, external parties to support the implementation of the Annual Work Program.
Article 15.7: Non-Application of Chapter 20 (Consultations and Dispute Settlement)
Chapter 20 (Consultations and Dispute Settlement) shall not apply to any matter arising under this Chapter.
Article 15.8: Relation to Other Chapters
This Chapter shall apply to all economic cooperation activities under this Agreement.