“The agreement through the IEU-CEPA can be an important milestone for increasing mutually beneficial bilateral trade and investment,” Hartarto said in a statement released on Friday.
During the meeting, held virtually from Washington, D.C., on Wednesday, both parties reaffirmed their commitment to building and enhancing trade and investment relations based on rules and mutual respect.
According to Hartarto, the CEPA will bring broader business opportunities, increase legal certainty, and provide a strategic platform to deepen dialogue and cooperation on several important and relevant economic issues.
The minister opined that the CEPA negotiation process has reached an advanced stage. Currently, both nations are finalizing technical issues, fine-tuning the agreement, and developing a more detailed time frame to reach the ratification stage.
In the same statement, Commissioner Sefcovic outlined the IEU-CEPA ratification process within the EU, where the agreement only requires approval at the EU level through a majority vote of trade ministers and the approval of the European Parliament.
In line with Indonesia, the European Union also highlighted the need to accelerate the implementation of the agreement, given the urgent need for creating stability and expanding market access amidst current global dynamics and uncertainty.
Both parties share a common interest in strengthening mutually beneficial economic relations and building a reliable strategic partnership.
Trade relations between Indonesia and the EU continue to grow, with the value of bilateral trade reaching US$30.1 billion by 2024. While the EU is Indonesia’s fifth-largest trading partner, Indonesia is the bloc’s 33rd-biggest trading partner.
Indonesia’s trade surplus with the European Union has also increased rapidly, reaching US$4.5 billion in 2024, up from US$2.5 billion the previous year.
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Translator: Bayu Saputra, Resinta Sulistiyandari
Editor: Azis Kurmala
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