ICA-CEPA Signed, Trade Minister Targets Trade With Canada Can Break 7 Billion US Dollars

Minister of Trade Budi Santoso (Photo: Mery Handayani/VOI)

JAKARTA - The Minister of Trade (Mendag) Budi Santoso targets Indonesia's trade value with Canada to double to 7 billion US dollars after the implementation of the Indonesia-Canada Comprehensive Economic Partnership Agreement (ICA-CEPA).

Budi said Indonesia-Canada's total trade reached 3.5 billion US dollars or equivalent to Rp58.38 trillion (assuming an exchange rate of Rp16,680 per US dollar) in 2024.

Then, continued Budi, in the period January to July 2025, the total trade between Indonesia and Canada reached 2.72 billion US dollars or equivalent to Rp45.36 trillion.

Meanwhile, Indonesia's exports were recorded at 1.01 billion US dollars or Rp. 16.68 trillion. Meanwhile, Canadian imports reached 1.71 billion US dollars or equivalent to Rp. 28.52 trillion.

"With Canada, our total trade is 3.5 billion US dollars. We hope to double it after the implementation (ICA-CEPA) is running," he said at the Ministry of Trade Office, Jakarta, Monday, September 29.

For your information, more than 90 percent or around 6,573 Indonesian tariff posts get preferences in the Canadian market. Potential Indonesian products such as textiles, footwear, furniture, processed foods, light electronics and automotive electronics, to swallow nests are expected to be more competitive.

Then, there are also several products that will immediately enjoy a 0 percent tariff when the agreement is in effect or entry into force, such as processed foods, seafood, handicraft products made of natural fiber, household appliances, as well as marble and marble.

On the other hand, Indonesia has also opened market access of 85.54 percent or around 9,764 tariff posts for Canadian priority products. For example, frozen beef, wheat, potatoes, seafood to processed foods.

Budi said the ICA-CEPA is not only a matter of trade figures and tariffs. However, it also opens up wider opportunities for business actors and the younger generation of Indonesia to penetrate the Canadian market. Also, it provides opportunities for Canadian investors to find strategic partners in Indonesia.

This (ICA-CEPA) signing is just the beginning. Our next task is to ensure this agreement provides real benefits to the community, business actors, and investors in both countries," he explained.

For your information, ICA-CEPA was signed by the Minister of Trade Budi Santoso together with Canadian International Trade Minister, Maninder Sidhu on Wednesday, September 24, 2025, at Ottawa, Canada.

The signing of the comprehensive economic partnership agreement was also witnessed directly by President Prabowo Subianto and Canadian Prime Minister Mark Carney.