"We have finalized the first CEPA in North America with Canada. Through fast-moving negotiations, it was wrapped in two years," the ministry's Director General of International Trade Negotiations, Djatmiko Bris Witjaksono, remarked on Monday.
Negotiations for the ICA-CEPA concluded in December 2024, and the agreement is expected to be signed in September or October this year.
"The ICA-CEPA will be our first CEPA with the North American region. It is expected to boost access for our products," Witjaksono stated.
He noted that both countries have signed a Joint Statement on the Completion of the ICA-CEPA, which is expected to broaden market opportunities for Indonesian products in North America.
The signing was conducted by Indonesian Minister of Trade Budi Santoso and Canadian Minister of Export Promotion, International Trade, and Economic Development Mary Ng.
After more than 2.5 years of negotiation, Indonesian products will gain wider access to penetrate the Canadian market.
Besides trade in goods, the agreement will also offer preferential treatment for Indonesian service providers, such as business services, telecommunications, construction, tourism, and transportation sectors.
In the investment sector, the agreement will ease access to investments in the manufacturing, agriculture, fisheries, forestry, mining and quarrying, and energy infrastructure sectors.
The agreement also covers commitments related to intellectual property rights, good regulatory practices, e-commerce, business competition, Small and Medium Enterprises (SMEs), women's economic empowerment, the environment, and employment.
In addition, Indonesia had finalized the Indonesia–European Union Comprehensive Economic Partnership Agreement (IEU-CEPA).
Under the IEU-CEPA, around 80 percent of tariff lines will be eliminated, offering broader trade and investment opportunities for both parties.
The completion of IEU-CEPA negotiations was officially announced during a bilateral meeting between Indonesian President Prabowo Subianto and European Commission President Ursula von der Leyen in Brussels.
Translator: Aji Cakti, Resinta Sulistiyandari
Editor: Aditya Eko Sigit Wicaksono
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