In particular, it has finalized the draft of the Indonesia-Canada Comprehensive Economic Partnership Agreement (CEPA) to open up export opportunities to North America.
"Currently, the Trade Ministry will focus on finalizing a comprehensive economic cooperation agreement between the two countries to expand Indonesia's export potential," Santoso said on the sidelines of the first export of PT Insera Sena E-Bike Bicycles from Sidoarjo on Tuesday.
The Indonesia-Canada CEPA is targeted to be launched in early 2026, so Indonesia can start exporting to the North American market from the first quarter of that year.
The Trade Ministry is also studying the Indonesia-European Union (IEU) CEPA and the Indonesia-Peru CEPA, which are targeted to be completed in the first quarter of next year and launched by no later than mid-2026.
In this context, Santoso also emphasized that efforts to downstream Indonesian products are aimed at reducing the volume of imports of raw products or components as well as increasing the export value of domestic products.
He then called on both government and industry players to strive to use local components to improve the national economy.
In addition to expanding exports, the Trade Ministry is carrying out programs to secure the domestic market and improve the role of MSMEs so that they can penetrate the international market.
According to Budi, the value of Indonesia's domestic market is significantly large, so it is necessary to strengthen the competitiveness of domestic products to ensure people prefer to use local products and reduce imports.
Currently, Indonesia has more than 40 Indonesia Trade Promotion Centers (ITPC), which are representative offices of the Trade Ministry for domestic product promotion, spread across the world.
Santoso explained that the centers can be used by local industry players to introduce their products to the international community.
Related news: Deputy minister outlines steps for Indonesia's export market expansion
Related news: Indonesia looks to South Asian markets to boost exports
Related news: Trade Ministry asks health industry to tap export markets
Translator: Astrid Faidlatul Habibah, Fahmi Alfian, Yashinta D
Editor: Azis Kurmala
Copyright © ANTARA 2024
