IBC CEO Sofyan Djalil said that the MoU will be the basis for cooperation to develop joint initiatives, research, and formulate policy recommendations in strategic areas to strengthen economic collaboration between Indonesian and Canadian business groups.
“We believe this initiative will open up more potential and opportunities between Canada and Indonesia, especially in strengthening trade and investment relations between the two countries,” he added at the signing of the MoU here on Tuesday.
Meanwhile, president and CEO of the BCC, Goldy Hyder, said that through ICA-CEPA, the governments of Canada and Indonesia are seeking to encourage business diversification.
“The government has carried out their duties, now it is time for business actors to realize this potential. Canada and Indonesia share the ambition to become economic hubs in the region, and I encourage Indonesia to open business in Canada,” Hyder added.
Indonesia and Canada have just completed substantive negotiations on the ICA-CEPA. The negotiations have resulted in agreements on market access for goods as well as services and investment.
They include provisions on micro, small, and medium enterprises (MSMEs), employment, the environment, women’s economic empowerment, and cooperation in critical minerals.
Indonesian Deputy Minister of Trade, Dyah Roro Esti Widya Putri, and Canadian Minister of Export Promotion, International Trade, and Economic Development, Mary Ng, were also present at the signing of the MoU.
Putri highlighted that there are many potential sectors for economic cooperation for Indonesia and Canada under the ICA-CEPA.
“Both Indonesia and Canada are committed to realizing this agreement as soon as possible and hope to sign the agreement in early 2025,” Putri said.
On the same occasion, Minister Mary Ng observed that through the cooperation framework, both countries can strengthen economic resilience.
“When Indonesia’s economy grows, our economy also grows. Canada’s economy has a lot to offer in areas ranging from agriculture to advanced manufacturing, critical minerals, financial services, clean technology, and digital trade,” she said.
“We can also work together to strengthen national economic resilience through effective natural resource management and industrial downstreaming to increase added value,” she added.
Indonesia and Canada signed a joint statement on the completion of the ICA-CEPA negotiations on Tuesday.
The Canadian side stated that there was a commitment of US$25 million (around Rp397 billion) for five years, reflecting the belief that Indonesia and Canada are capable of carrying out the agreement.
Related news: Prabowo, Trudeau highlight commitment on stronger RI-Canada ties
Related news: Hope RI-Canada CEPA can boost N America market access: minister
Translator: Bayu Saputra, Yashinta Difa
Editor: Azis Kurmala
Copyright © ANTARA 2024
