"This is a breakthrough in international trade for Indonesia and the European Union, with negotiations taking almost a decade to conclude," Kadin Chairperson Anindya Bakrie noted in a written statement received on Monday.
Bakrie remarked that in 2024, trade between Indonesia and the EU reached US$30.1 billion, or €27.3 billion, comprising €9.7 billion in EU exports to Indonesia and €17.5 billion in EU imports from Indonesia.
The Kadin chairperson cited the EU-Vietnam CEPA as an example, where trade between the two parties grew by 20 percent, from €56 billion before the agreement to €67 billion after the ratification. He predicted a similar outcome for Indonesia and the EU.
Bakrie emphasized that in the current era, Indonesian companies and Kadin members must diversify. Businesses should actively seek new markets to expand international trade and drive Indonesia's economic growth.
Meanwhile, Investment and Downstreaming Minister Rosan Roeslani stated that the CEPA will be signed in September.
"It is planned to be signed soon in September and then ratified as soon as possible," he noted in a statement.
According to the minister, Indonesia's trade with the EU could increase from US$30 billion to US$60 billion once the IEU-CEPA is implemented.
He assessed that the partnership represents a significant market, with a combined population of over 700 million people.
Earlier on Sunday, Indonesian President Prabowo Subianto and European Commission President Ursula von der Leyen announced that negotiations for the IEU-CEPA had concluded.
President Prabowo made this announcement during a joint press conference with the European Commission President at the headquarters of the European Commission in Brussels, Belgium.
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Translator: Ahmad Muzdaffar, Raka Adji
Editor: Azis Kurmala
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