President Steinmeier urges Indonesia-EU trade agreement to be signed soon

JAKARTA - German President Frank-Walter Steinmeier has encouraged the completion of the long-negotiated Indonesia-European Union trade agreement.

In a joint statement with President Prabowo Subianto at the Merdeka Palace, Jakarta, Monday, June 15, Steinmeier said Germany and Indonesia both needed a stronger trade framework.

He hopes that the negotiations for the Indonesia-European agreement will be completed soon and finally signed.

According to Steinmeier, the agreement has the potential to remove up to 90 percent of import duties. The impact could be huge for trade, investment, and economic cooperation between the two parties.

"This agreement contains enormous potential," said Steinmeier.

He said the agreement could open up new investments and pave the way for German small and medium-sized companies to enter Indonesia.

Steinmeier said closer economic cooperation would benefit both countries. He also mentioned that a number of German companies have long been present in Indonesia, such as Siemens, Daimler, and Infineon.

According to Steinmeier, the presence of these companies shows that Indonesia is not only an attractive market, but also an important investment location.