"After nine years of negotiations, under the leadership of President Prabowo Subianto, the IEU-CEPA has finally reached an agreement," the ministry's spokesperson, Haryo Limanseto, said here on Tuesday.
The statement was conveyed ahead of the joint announcement and signing of the substantial completion of the IEU-CEPA negotiations.
According to him, the agreement is a historic milestone in building a foundation for economic cooperation that is more inclusive, sustainable, and mutually beneficial.
He further said that the completion of the agreement reflects the consistency and steadfastness of Indonesia's economic diplomacy in advancing its national interests.
In addition, Limanseto said, it also opens up wider opportunities for market access, increasing investment, and strengthening the competitiveness of strategic sectors.
The European Union (EU) is Indonesia's fifth-largest trade partner, with trade value continuing to show positive trends, reaching US$30.1 billion in 2024.
The trade balance between the two also recorded a surplus for Indonesia, with a significant increase from US$2.5 billion in 2023 to US$4.5 billion in 2024.
Indonesia and the EU are set to hold a joint announcement and signing of the substantial completion of the IEU-CEPA negotiations in Nusa Dua, Badung, Bali, on Tuesday.
Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto and Commissioner for Trade and Economic Security of the EU, Maros Sefcovic, are scheduled to hold a bilateral meeting, which is expected to be a strategic forum to discuss the completion of the CEPA.
The completion of IEU-CEPA negotiations, which started in 2016, was announced by President Prabowo Subianto and European Commission President Ursula von der Leyen in Belgium last July.
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Translator: Dewa Ketut, Raka Adji
Editor: Azis Kurmala
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