JAKARTA – The government through the Ministry of Trade has completed the first round of negotiations on the Indonesia-Canada Comprehensive Economic Partnership Agreement (ICA-CEPA) on Saturday in Bandung, West Java.
The Ministry of Trade said that this effort was a strategic step to encourage exports of Indonesian products to the North American market.
The Director-General of International Trade Negotiations at the Ministry of Trade, Djatmiko Bris Witjaksono, said that the ICA-CEPA negotiations are a tangible manifestation of the two countries' commitment to increasing business and investment opportunities as a whole.
"It is targeted that the ICA-CEPA negotiations can be completed by the end of 2023. Therefore, negotiators from the two countries are advised to immediately schedule an intercession meeting before the second round of negotiations and agree on several follow-up steps for today's negotiations", he said in an official statement, Sunday, March 20.
Djatmiko revealed that currently the Republic of Indonesian only has one trade agreement on the American continent, namely with Chile, which is located in the South American region.
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"Therefore, the ICA-CEPA negotiations are expected to be the entry point for Indonesian export products to other North American regions, namely the United States and Mexico, considering that Canada has a trade agreement with the two countries", he said.
For information, in addition to market access for goods, this negotiation also aims to increase Indonesia's trade in services exports, invite foreign investment to Indonesia, and encourage cooperation in priority sectors, including MSMEs.
To note, the total trade between Indonesia and Canada in 2021 will be recorded at US$3.1 billion. During that period, Indonesia's exports to Canada were recorded at US$1.1 billion, while Indonesia's imports from Canada amounted to US$2 billion.
Meanwhile, Indonesia's mainstay export commodities to Canada in 2021 are natural rubber, jerseys, motor vehicle accessories, tires, and footwear made of textile materials. Meanwhile, Indonesia's main imports from Canada in 2021 are wheat, fertilizers, pulp, soybeans, and iron ore
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