Jakarta (ANTARA) - Chairman of the Indonesian Chamber of Commerce and Industry (Kadin) Anindya Bakrie stated that the Indonesia-Canada Comprehensive Economic Partnership Agreement (ICA-CEPA) can accommodate and increase Canadian investment in Indonesia.

He affirmed that the agreement brings the advantage of opening market access for Indonesian products to Canada.

"This is a historic partnership between the two countries. This partnership could happen in the next 2-3 years, and that is relatively fast," he remarked at the CEPA Forum Panel Discussion on Monday.

In a statement from his office on Tuesday, he drew attention to several potential sectors in this agreement, namely energy security, food security, critical minerals, and defense cooperation.

Other sectors that also benefited from this agreement through foreign direct investment (FDI) include the manufacturing, technology, agriculture, and energy sectors, Bakrie remarked.

He then drew attention to the energy transition sector, which currently needs extensive funding and technology.

"This (agreement) is the beginning of the future. ICA-CEPA brings benefits to the interests of Indonesia and Canada," he remarked.

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According to the Kadin chairman, Indonesia also established partnership agreements with other countries, such as the United Arab Emirates and Australia.

"This means ICA-CEPA will increase foreign investment flow to Indonesia. We have the right momentum, considering that President Prabowo Subianto managed to secure US$18.5 billion investment commitment from his 2,5 weeks state visit," Bakrie noted.

Earlier, the discussion titled "Team Canada Trade Mission Plenary Session and CEPA Forum" held by the Team Canada Trade Mission began with the signing of the Joint Statement on the Completion of ICA-CEPA by the Indonesian Trade Minister Budi Santoso and Canadian Minister of Export Promotion, International Trade, and Economic Development, Mary Ng.

Santoso remarked that the ICA-CEPA negotiations had been completed substantively and announced by the two heads of state on the sidelines of the APEC Summit on November 15, 2024, in Lima, Peru.

The two countries agreed that the agreement could be signed in mid-2025, with an estimated implementation in 2026.

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Translator: Faisal Yunianto, Resinta Sulistiyandari
Editor: Yuni Arisandy Sinaga
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