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Indonesia targets to complete ICA-CEPA by end of this year

Diposting pada 10 Juli 2024 oleh admin / Dilihat: 0 kali

Jakarta (ANTARA) –

Indonesian Trade Minister Zulkifli Hasan is targeting the completion of the Indonesia-Canada Comprehensive Economic Partnership Agreement (ICA-CEPA) by the end of this year.

“Hopefully it can be completed by the end of this year,” said the Coordinating Minister for the Economy in Jakarta, Wednesday.

ICA-CEPA trade diplomacy is considered important to support exports carried out by national business actors and industries, such as the steel industry.

“Therefore, this diplomacy is important so that your business can penetrate the market. The government supports sectors that contribute greatly to the export surplus to grow bigger, more advanced, and stronger,” said the Minister of Finance.

Meanwhile, ICA-CEPA, he said, is Indonesia’s first trade agreement with the North American region that can open market access and supply chains in the region, while increasing the competitiveness of Indonesian products in the Canadian market.

Indonesia is committed to accelerating the ICA-CEPA negotiations and has agreed to complete them by the end of 2024. The completion of the negotiations can increase Indonesia-Canada trade and investment, he continued.

In the eighth round of ICA-CEPA negotiations in Ottawa, Canada, Indonesia and Canada discussed 20 issues and held an expert discussion on state-owned enterprise issues.

Director General of International Trade Negotiations at the Ministry of Trade Djatmiko Bris Witjaksono said that Indonesia encourages leaders of negotiation issues to intensify communication and be pragmatic so that all problems can be resolved.

Discussions on the establishment of a Critical Minerals Dialogue were also held for the first time.

The discussion is a concrete manifestation of strategic cooperation between Indonesia and Canada as countries producing important minerals that have an influence in the world.

The ministry noted that total Indonesia-Canada trade in January–April 2024 reached US$1.1 billion.

During that period, Indonesia’s exports to Canada were recorded at US$466 million, while its imports from Canada were US$655 million.

Indonesia’s main export commodities to Canada in 2023 are telephone equipment, production waste, natural rubber, accessories, and luggage. Meanwhile, Indonesia’s main import commodities from Canada are wheat, fertilizer, soybeans, and sawdust.

Related news: Indonesia, Canada discuss trade cooperation
Related news: Ministry holds business-matching event to boost exports to Canada

Translator: Aji Cakti, Katriana
Editor: Rahmad Nasution
Copyright © ANTARA 2024

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Indonesia targets to complete ICA-CEPA by end of this year

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Indonesia targets to complete ICA-CEPA by end of this year

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