He remarked that these two crucial agreements will broaden and improve market access for Indonesian products in both Europe and the Eurasian region.
“We are targeting (to finalize) both agreements this year. The Trade Ministry, which is leading these negotiations, will ensure their completion so that the benefits can be directly experienced by business players and the public,” he noted in the ministry's statement issued here on Tuesday.
Negotiations for the I-EU CEPA began on July 18, 2016. After nine years, the 19th round of negotiations is scheduled to take place from July 1 to 5, 2024, in Bogor, West Java.
Meanwhile, the I-EAEU FTA talks began on December 5, 2022, with the fourth round held from March 18 to 20, 2024, in Yerevan, Armenia.
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Santoso explained that both agreements would enhance Indonesia's competitiveness compared to other countries and pave the way for stronger economic growth.
The I-EU CEPA and I-EAEU FTA are expected to boost market access for Indonesia’s main exports to the European Union and the Eurasian Economic Union.
In addition, the agreements will help diversify Indonesia’s export markets and serve as alternatives for products affected by United States tariff policies.
The trade agreements will particularly focus on labor-intensive manufactured goods, as well as agricultural and fishery products.
“The I-EU CEPA and I-EAEU FTA will lower tariff and non-tariff barriers for Indonesia’s export products, such as palm oil, agricultural goods, textiles, and electronics,” Santoso remarked.
Both agreements are comprehensive and inclusive, covering areas such as investment, micro, small, and medium enterprises (MSMEs), and sustainability.
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Translator: Maria, Kenzu
Editor: M Razi Rahman
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