Indonesia–Canada CEPA Expected to Enhance Trade and Investment Opportunities

Jakarta, The Gulf Observer: Indonesian Trade Minister Budi Santoso has expressed optimism that the Indonesia–Canada Comprehensive Economic Partnership Agreement (CEPA) will boost Indonesia’s access to the North American market for its trade goods and services.

“The Indonesia–Canada CEPA is anticipated to enhance market access for Indonesian goods and services in the North American region and increase Canadian investment in Indonesia,” Minister Santoso stated in a press release on Friday. He further emphasized the potential of the agreement to foster broader economic cooperation between the two nations.

The minister’s remarks came following a bilateral meeting in Lima, Peru, with Canada’s Minister of Export Promotion, International Trade, and Economic Development, Mary Ng. During the meeting on Thursday, the two leaders discussed plans for a Canadian trade mission to Indonesia in December 2024. The mission is expected to bring over 300 entrepreneurs to explore business opportunities.

Minister Santoso welcomed the initiative, expressing hope for its success. “I hope that the trade mission can highlight Indonesia’s trade and investment potential to Canadian businesses while enabling Indonesian entrepreneurs to establish networks and create new cooperation opportunities with their Canadian counterparts,” he stated.

A highlight of the upcoming trade mission will be the signing of a Joint Ministerial Statement on the Substantive Completion of Indonesia–Canada CEPA Negotiations, marking a significant milestone in the partnership.

Santoso also invited Canada to consider investing in Indonesia’s education and healthcare sectors, particularly within the country’s special economic zones.

The Indonesia–Canada CEPA has seen progress across 23 negotiation issues, including trade in goods, services, investment, rules of origin, government procurement, and sustainable development. The two nations have also agreed on a bilateral dialogue on priority sectors such as critical minerals and health standards for trade in beef and bird’s nests.

The 10th round of negotiations for the agreement was recently concluded in Bandung, West Java, from November 4–8, 2024, further solidifying the foundation for a strengthened economic relationship.

This partnership is expected to drive mutual economic growth and create new opportunities for collaboration between Indonesia and Canada.