Indonesian Trade Minister Enggartiasto Lukita said the Swiss step is a follow up to his bilateral meeting with Swiss Minister of Economy, Education and Research, Guy Parmelindi, in Bern, Switzerland, on May 9, 2019.
"This is good news from Switzerland which reflects the seriousness to settle the IE-CEPA ratification process and make the EFTA countries (Switzerland, Norway, Iceland and Liechtenstein) the first group of European countries to have a free trade agreement with Indonesia," Lukita said in a written statement released on Friday.
Indonesia and the EFTA member states signed the Indonesia-Europe Comprehensive Economic Partnership Agreement (IE-CEPA) on December 16, 2018, in Jakarta.
The minister said the agreement will increase market access and legal certainty in the field of trade in goods and services for both sides.
In addition, the agreement also contains various rules in the field of investment, intellectual property rights protection, non-tariff barrier elimination, sanitation and fitosanitation, competition, trade facilities, trade and sustainable development.
Indonesia has been one of Switzerland's 40 main trade partners since 2018.
"The presence of IE-CEPA will hopefully enable Indonesia and Switzerland to increase mutually beneficial bilateral trade. We also hope that Switzerland could increase their investment in Indonesia," he said.