According to the minister, the funding allocated for the next five years will be used for technical assistance and capacity building.
"Indonesia hopes that ICA-CEPA can support the supply chain of both countries," he noted in a statement from his office on Tuesday.
On Monday, Hartarto met with Canadian Minister of Export Promotion, International Trade, and Economic Development Mary Ng, during which the latter lauded the completion of the 10th negotiation of the ICA-CEPA, which marked the completion of the agreement and opportunities for the two countries to deepen their trade relations.
They expressed hope that the ICA-CEPA realization would increase trade volume between Indonesia and Canada.
On the occasion, Hartarto also echoed Indonesia's keenness to channel critical minerals into the global supply chain, including by utilizing the ICA-CEPA agreement.
He then expressed hope that Canada would support Indonesia's accession process to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
This was welcomed by Mary, who supported Indonesia to continue the CPTPP accession process and hoped that Indonesia could meet all CPTPP members to accelerate the accession process.
The CPTPP comprises 11 member countries, of which Canada is currently chairing the 2024 CPTPP Commission.
Furthermore, Mary conveyed an invitation from Canadian Prime Minister Justin Trudeau to President Prabowo Subianto to visit Canada as a follow-up to the Asia-Pacific Economic Cooperation (APEC) meeting in Peru.
As part of the efforts to strengthen economic cooperation in the Indo-Pacific region, the Canadian government, through its Global Affairs Canada, conducted a visit program by the Team Canada Trade Mission to Indonesia.
Around 180 Canadian companies took part in the Trade Mission Team led by Minister Mary.
To welcome the visit, Hartarto held a bilateral meeting with Mary and Indonesian and Canadian business actors. A dinner was organized that was attended by the government and private parties from both countries.
In his opening remarks, Hartarto highlighted the direction of Indonesia's policies in the new administration.
"In entering the economic transformation, Indonesia focuses on agricultural innovation, optimization of natural resources, and high-tech industry," he stated.
He noted that the two countries can develop sectors such as critical minerals, agriculture, the digital industry, and energy transition.
He also invited Canadian businessmen to explore investment opportunities in various strategic sectors that support sustainable economic growth.
Related news: Indonesia-Canada MoU targets energy transition optimization
Related news: ICA-CEPA to bolster Canadian investment in Indonesia: Kadin
Translator: Bayu Saputra, Resinta Sulistiyandari
Editor: Azis Kurmala
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