Rethink economic ties, says report
Australia will restart talks on a trade agreement with Indonesia early next year as part of a push to strengthen economic ties between the two neighbouring countries. 
Trade Minister Andrew Robb said on Tuesday that he and Indonesian Trade Minister Thomas Lembong had agreed to reinvigorate talks on the Indonesia-Australia Comprehensive Economic Partnership Agreement, which stalled in 2013.
Negotiations on the agreement, which aimed to bring the region's two largest economies closer together, commenced in Jakarta in 2012 but ran out of steam amid diplomatic tensions between the two countries.
Mr Robb flagged a deal could be negotiated within 12 months based on the timeframes of the Korean, Japanese and Chinese free trade agreements.
Asked if any areas would be off limits, he said he did not wish to be too prescriptive.
Mr Robb said he had a "meeting of minds" with Mr Lembong on the sidelines of APEC in Manila.
"Tom and I agreed, among other things, that we would immediately reinvigorate negotiations for the comprehensive economic partnership agreement that I think had run into the sand somewhat three or four years ago."
Mr Robb, who is in leading Australia's largest ever trade delegation in Indonesia this week, also pledged up to to $300 million to assist Indonesia with infrastructure development over the next decade.
Economic ties between Indonesia are underdeveloped, with less than 250 Australian businesses with a presence in Indonesia and two-way trade in goods and services worth just $16 billion in 2014.
By contrast, two-way trade between China and Indonesia last year was $152 billion.
"Australia to some extent has overlooked Indonesia over the past two decades, concentrating more on building trade in major northern Asian economies," Mr Robb said in Yogyakarta. "Indonesia, likewise, has also been looking north for trade and investment."
While this was understandable given both nations were major commodity exporters, the end of the mining boom meant they needed to diversify their economies.
"Indonesia's economy is too big to ignore, with a population of 250 million, more than 50 per cent of whom are under 30 and tech savvy," Mr Robb said.
Mr Robb also called for more two-way investment, citing opportunities in Northern Australia such as Project Sea Dragon, a prawn farm that is looking to attract $1.5 billion in investment.
More than 350 business leaders are attending the trade delegation as part of Indonesia Australia Business Week 2015. Organisers, who were only expecting to attract between 200 to 250, ended up having to close registrations given the popularity of the mission.
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