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Countertrade in Modern Geoeconomics: A Study of Indonesia and the Eurasian Economic Union
WORKING PAPER 21: This working paper examines the resurgence of countertrade—an exchange of goods and services without immediate monetary payment—as a strategic economic mechanism within modern geoeconomic contexts, specifically focusing on Indonesia and the Eurasian Economic Union (EAEU). Historically prominent during periods of economic isolation or liquidity constraints, countertrade is now re-emerging amid rising geopolitical tensions and financial uncertainties, serving as a tool for economic resilience and strategic autonomy. The paper investigates Indonesia’s past experiences with countertrade, primarily in defense procurement, and evaluates scenarios for potential future engagement under a proposed Indonesia-EAEU Free Trade Agreement. Using theoretical firm-level analysis, it distinguishes how different Indonesian firm categories—super-large conglomerates, large enterprises, and small and medium-sized enterprises (SMEs)—could benefit from or face challenges in adopting countertrade. Findings suggest that, despite theoretical benefits like reduced currency risk and strategic resource access, practical implementation is complex and cost-intensive, making it most suitable for larger, resource-rich firms capable of navigating these complexities.
Enhancing Continental Trade Facilitation in Africa
A multi-week capacity building program brought together 25 trade professionals from 18 African economies to explore critical trade facilitation challenges and opportunities. Participants engaged in dynamic sessions with experts from the Institute for International Trade (University of Adelaide) and special guest speakers, including Australia’s Acting High Commissioner. Candid discussions covered institutional cooperation, ICT infrastructure, barriers to trade for SMEs, and the harmonization of standards. A panel session with the Australian Trade Commissioner for Africa offered insights on regulatory barriers and approaches to boosting cross-continental investment. The program continues to foster expertise, collaboration, and practical strategies for advancing trade facilitation across African economies.
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Navigating the Shifting Currents of Global Trade: SA Business Chamber's Business Talk
At the South Australian Business Chamber’s “Business Talk” on 10 February 2025, Professor Peter Draper examined the shifting terrain of international trade. He highlighted neomercantilist ambitions, volatility driven by COVID-19 and geopolitical strains, and the possibility of the United States exiting the WTO—an event that could significantly alter tariffs worldwide. In an environment shaped by lingering protectionism since the 2008 financial crisis, he urged businesses to prepare by capitalizing on emerging sectors like green transition technologies, digital transformation, and defence.
Trade Negotiation Workshop Begins in Phnom Penh, Cambodia
Our Trade Negotiation Workshop in Phnom Penh marks the beginning of a diverse suite of capacity-building initiatives planned for this year. Bringing together government officials, trade experts, and policymakers from across the region, it aims to develop practical negotiation expertise, enhance policy coordination, and foster collaborative dialogue. By focusing on economic diplomacy principles and real-world bargaining strategies, participants will gain hands-on experience designed to strengthen both national and international trade frameworks. This integrated approach ensures sustainable outcomes for all participants.
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Fourth Australia-Europe Economic Relations Dialogue
We were honored to host the Fourth Australia-Europe Economic Relations Dialogue at the University of Adelaide on November 18-19, 2024. With the theme "Deepening Australia-EU Relations in Troubled Times for Trade", this year’s dialogue brought together policymakers, industry leaders, and academics to tackle critical global trade challenges and explore opportunities for closer collaboration between Australia and the EU.
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Webinar: The Future of Australian Aid for Trade: Challenges and Opportunities in Digital Trade and E-commerce
15 November, 2024. The Institute for International Trade and Department of Foreign Affairs & Trade hosted a webinar and presentation on The Future of Australian Aid for Trade: Challenges and Opportunities in Digital Trade and E-commerce. The webinar covered the role of the recently concluded Joint Statement Initiative (JSI) on E-commerce, in promoting common rules and transparency upon which developing countries in our region can base their trade and development trajectories.
The Long and Twisting Road to a Trade Agreement between Australia and the European Union
WORKING PAPER 20 This working paper explores the complex historical and economic relationship between Australia and the European Union (EU), focusing on the challenges in establishing a modern bilateral trade agreement. Although Australia and the EU have shared views on advancing global trade law beyond outdated WTO standards, formal trade negotiations only began in 2017, with several setbacks, including a major collapse in 2021. The paper traces key reasons for this friction, including Australia's strong historical ties with the UK, fluctuating relations with France, and limited engagement from other EU member states. Despite the convergence in trade policies and increased economic ties, factors such as disputes over agricultural access, the geopolitical implications of alliances like AUKUS, and sensitive issues around geographical indicators (e.g., Prosecco and feta) continue to stall progress. This paper underscores that while a trade agreement could yield mutual economic benefits, overcoming entrenched interests and political complexities will be essential for future collaboration.
How is the ‘Business of Climate’ impacting the ‘Climate of Business’?
WORKING PAPER 19: The European Union’s Green Deal introduces the Deforestation Regulation and Corporate Sustainability Due Diligence Directive (CSDDD) to ensure sustainable supply chains. These regulations pose challenges for exporters from Emerging Asia, especially smallholder producers, due to strict compliance and documentation requirements. Countries like Indonesia, India, and Malaysia are concerned about the economic burden and trade barriers these rules impose. While certification alignment could ease compliance, high costs remain a barrier. For a smooth transition, the EU needs to improve support mechanisms and foster greater collaboration with affected trading partners
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Indonesia’s Trade Policy Regime amidst Global Challenges
POLICY BRIEF No. 28 – Dr Harry Wardana is an Economist at the Institute for International Trade, University of Adelaide. Indonesia's trade policy is currently shaped by a fragmented global trade environment marked by geopolitical tensions and supply chain disruptions. As an emerging economy in ASEAN, Indonesia faces significant challenges, particularly in managing the impacts of global inflation, commodity price volatility, and interest rate hikes. Despite these challenges, Indonesia has maintained steady economic growth, driven by strong fiscal and monetary policy coordination, robust domestic demand, and a positive current account balance. Looking forward, the new government led by Prabowo Subianto must navigate these global risks and chart a strategic path that fosters economic resilience and sustainable growth while maintaining Indonesia's neutral stance in regional geopolitical dynamics.
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Due Diligence Legislation and Policies: Australia’s TransparencyBased Approach to Addressing Risks of Modern Slavery in Supply Chains
POLICY BRIEF No.27 - Dr Legesse Mengie is a sessional lecturer and researcher at the University of Adelaide and University of South Australia. Australia’s Modern Slavery Act, enacted in 2018, represents a transparency-based approach to combating modern slavery in supply chains. Unlike its counterparts in Europe and North America, the Act lacks penalties for non-compliance and imposes no specific positive due diligence obligations beyond reporting requirements. However, recent studies and the government’s statutory review highlight significant compliance challenges, suggesting that substantial reforms to the current due diligence system are imminent. These reforms are critical for aligning Australia's legislation with international best practices while balancing the need to protect human rights and sustain corporate competitiveness
This work is licensed under Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
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