Of course, it also takes place in a challenging global context. International supply chains are weathering strains as the world looks to recover from the pandemic. But while there are still very real difficulties to overcome, the pandemic must also be viewed as an opportunity. It will force countries across the world to be more agile and innovative, and encourage new trade partnerships that will support economic growth and contribute to the post-pandemic global recovery.

It is very much in this spirit that the discussions between the UAE and Indonesia are taking place. Our enduring relationship goes back to the very founding of our nation – the 50th anniversary of which we will celebrate on Dec. 2 this year. Indonesia was one of the first countries to recognize the United Arab Emirates in 1971, with full diplomatic relations established in 1976.

Since then, our common values and shared interests as Muslim-majority countries with young, multi-ethnic, multi-faith populations and strong trading histories built on our respective positions as regional crossroads have brought us closer together, and make us natural partners today.

That was very much the message conveyed by His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, when he was received in Jakarta on a state visit in July 2019.

Sheikh Mohamed conveyed to President Joko Widodo the UAE’s ongoing commitment to deepen ties between the two countries, particularly in the fields of energy, infrastructure, medicine, food security and technology, but with the invitation to explore any opportunities that can accelerate the development and prosperity of both nations.

In 2021, two further meetings in March and April gave greater substance to these pledges and it was clear there was a mutual desire to pursue a more formal trade and investment relationship, not least as we respond to the realities of a more fragmented world.

It is based on these discussions, and with the full understanding of our respective interests and our collective potential, that I am visiting the Indonesian capital to discuss a comprehensive economic partnership agreement (CEPA) that will further unite our countries.

We believe that a CEPA can be a platform to facilitate long-term, sustainable economic growth in the UAE and Indonesia, a means to establish a modern and dynamic partnership that strengthens trade and investment, creates new economic and social benefits and improves standards of living.

Any such agreement will be built on solid foundations. Bilateral trade exceeded US$11 billion in 2016-2020, with the UAE importing goods worth $8.5 billion from Indonesia – placing the UAE among the top global destinations for Indonesian exports. Indonesia-UAE ties have also been enhanced by a number of milestone projects and partnerships in recent years.

As well as the $140 million agreement to develop the world's biggest floating solar power plant, the Indonesian government became the largest sukuk issuer on Nasdaq Dubai in May 2019, while in March 2021, the UAE announced plans to invest $10 billion in the Indonesia Investment Authority. There are also a number of long-standing collaborations in the areas of oil exploration, the halal food industry, green technology, utilities, agriculture and education.

The CEPA, then, should be regarded as a natural evolution of our long-standing relationship and mutual recognition of the efforts taken to build stable, competitive and forward-looking economies. Indonesia is now among the World Economic Forum’s 20 most competitive business environments, while its $1.1 trillion gross domestic product is testament to the opportunities the country’s business community has been able to create for its people.

For our part, the UAE sees Indonesia as a vital strategic partner in the heart of perhaps the most exciting, fastest-growing economic region in the world. By extension, Indonesian business can view the UAE as a gateway to the vibrant, aspirational and rapidly evolving markets of the Middle East and Africa.

In the coming weeks and months, I look forward to talking more with Indonesia’s investors, entrepreneurs and business owners, and discussing new opportunities that we can explore together. Whether it’s our internationally compatible legal environment, 100 percent foreign ownership laws and efficient set-up procedures, or our free zones, world-class ports and airports, and high-caliber multi-national human resources, it is our conviction that the UAE provides an unrivalled launch pad for enterprises seeking to target West Asia, Africa and beyond.

In an increasingly complex and fast-changing environment, we believe that, far from retreating from the world, improving and expanding bilateral relations with key partners can help unlock new areas of opportunity – and enhance mutual understanding.

As a trusted friend and ally for 45 years, Indonesia is foremost among those partners we want to work with to shape a new, prosperous and resilient future.

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The writer is United Arab Emirates Minister of State for Foreign Trade.