ICA CEPA Settlement Increases Indonesia-Canada Trade And Investment

Minister of Trade Zulkifli Hasan. (Photo: Mery Handayani/VOI)

JAKARTA - Indonesian Minister of Trade (Mendag) Zulkifli Hasan said Indonesia and Canada agreed on a target for the completion of the Indonesia Canada Comprehensive Economic Partnership Agreement (ICA CEPA) by the end of 2024 to further increase trade between the two countries.

Zulkifli said, ICA CEPA is Indonesia's first trade agreement with the North American region which can open market access and supply chains in the region and increase the competitiveness of Indonesian products in the Canadian market.

"Indonesia supports the commitment to accelerate the ICA CEPA negotiations and agrees on a completion target by the end of 2024. The completion of the ICA CEPA can increase trade and investment in Indonesia-Canada," Zulkifli said as quoted by ANTARA, Friday, November 17.

Zulkifli said that Indonesia will hold the ICA CEPA negotiations for the seventh round which is scheduled to take place in March 2024.

Previously, the ICA CEPA negotiations for the 6th round had been held virtually on 23-27 October 2023.

In the sixth round there was significant progress in discussing the text of Customs and Trade Facilitation; Telecommunications Services, and Business Competition.

Initial discussions have been conducted regarding transparency and cooperation for State-Owned Enterprises (BUMN).

In a joint meeting with the Minister of Export Promotion, International Trade and Canadian Economic Development Mary Ng, she also discussed the ASEAN 'Canada Free Trade Agreement (ACA-FTA).

According to him, the two countries agreed to push for the 2025 completion target (ACA-FTA).

At the meeting, Zulkifli welcomed the Canadian purchase mission plan to Indonesia which is scheduled to take place next year.

A total of 27 Indonesian companies from the processed food and organic food sector are planned to participate in the purchase mission.

The two countries are also exploring products from Canada that can enter Indonesia, such as wheat, soybeans, and meat.

"Indonesia has made verification visits and assessments to the Canadian State Halal Institute (LHLN) and is waiting for the results of halal accreditation. If the Mutual Recognition Agreement of Halal Certificates has been signed, Canadian meat can enter Indonesia," said Zulkifli.