"There is an urgency for Indonesia and the European Union to immediately complete the negotiation process, which will present a new opportunity for Indonesia and EU member states to increase trade and investment volumes," he said during a virtual meeting with EU Trade Commissioner Maros Sefcovic.
Although there are several remaining issues in the negotiation process, Hartarto said that Indonesia will not limit opportunities for investment.
"With the completion of the IEU-CEPA, Indonesia hopes to invite investors from the EU to explore the market in Indonesia," he added.
With the signing of the IEU-CEPA, it is hoped that economic cooperation between Indonesia and the EU will grow closer, providing mutual benefits for both parties as they face increasingly dynamic global challenges.
Meanwhile, Commissioner Sefcovic emphasized the importance of maintaining momentum in discussing a realistic timeframe for completing the IEU-CEPA negotiations that is acceptable to both parties.
He said that the differing market and economic structures of the EU and Indonesia could open up additional market opportunities.
"Global trade conditions marked by tariff wars require an appropriate mitigation strategy to ensure the smooth flow of trade and investment between Indonesia and the EU," he added.
In this regard, the EU bloc also expressed its commitment to complete the IEU-CEPA negotiations in the first half of 2025.
Nineteen rounds of the IEU-CEPA negotiations have been carried out over the last nine years.
The IEU-CEPA is a comprehensive bilateral trade agreement between Indonesia and its partner countries in the European Union.
In general, the agreement has three main pillars: market access for trade in goods and services, investment and public procurement, and the harmonization of trade regulations, as well as cooperation and capacity building.
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Translator: Bayu Saputra, Yashinta Difa
Editor: M Razi Rahman
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