* Indonesia has a population of 270 million people and is expected to be the world's fifth-largest economy by 2030
* Both countries are in the world's top 20 economies but not in each other's top 10 list of trading partners
* It is Indonesia's first major free trade agreement
WHAT'S IN IT FOR AUSTRALIA?
* The deal will allow 99 per cent of Australian goods to enter Indonesia duty free or under significantly better preferential arrangements
* Import licences are a major frustration for Australian exporters into Indonesia
* Grains, meat, citrus and horticultural products will be granted automatic import permits under the deal
* Rolled steel, copper and plastic exports are also expected to benefit
* Australian-owned universities will be able to operate in Indonesia
* Australians will be able to command greater stakes in vocational training, tourism, health and mining companies that operate in Indonesia
WHAT'S IN IT FOR INDONESIA?
* Australia will eliminate all tariffs on Indonesian imports into the country
* The number of Australian work and holiday visas given to Indonesians will increase from 1000 to 4100 in the first year, before growing to 5000 over six years
* 200 Indonesians will take part in six-month work-training courses in Australia
* Country-of-origin requirements will be relaxed for Indonesian cars
