Australia and Indonesia sign cooperation pacts

Australia and Indonesia sign cooperation pacts

CANBERRA (Agencies): Australia and Indonesia signed agreements
here yesterday aimed at boosting cooperation and information
exchanges between the two neighbors' finance industries.

Australian Treasurer Peter Costello and visiting Indonesian
Finance Minister Mar'ie Mumammad signed the umbrella agreement.

Similar memoranda of understanding were also signed yesterday
by pension, insurance and accounting and actuary bodies from the
two neighboring nations.

Mar'ie said in a statement he hoped the pact would "facilitate
the exchange of ideas, materials, expertise and personnel in the
areas of insurance companies, pension funds and accounting
practices".

The two ministers said the agreement would help boost training
cooperation.

Costello and Mar'ie told reporters at the signing ceremony
that similar cooperation arrangements were being negotiated by
the Australian and Indonesian stock exchanges and banking
sectors.

"The memorandum of understanding is a strong signal for more
business cooperation, more investment and more joint ventures
between firms in Australia and Indonesia," Costello said.

Mar'ie said Indonesia was eager to develop viable insurance
and pension schemes while its population was relatively young to
avoid the crises facing several European nations with rapidly
aging populations.

Australian Prime Minister John Howard met his Indonesian
counterpart President Soeharto in Jakarta last week.

In their first meeting since Australia's coalition government
won office in March, Howard reaffirmed the importance of a good
relationship with Indonesia.