The CEPA signing would “solve all outstanding issues in our bilateral dispute,” Bernd Lange, who first joined the European Parliament in 1994, told The Jakarta Post on Sept. 17, referring to tariffs and policies contested at the World Trade Organization, including those on nickel and biodiesel.

Businesses on both sides welcomed the pact as the two represent large market bases and significant investment potential.

The free trade agreement (FTA) would abolish “over 98 percent of tariffs,” said European Commission Trade and Economic Security Commissioner Maroš Šefčovič, who described the entire process as “10 years of complex, diligent negotiation.”

“It’s a time marked by disruption, uncertainty and rapid change. Yet today, by finalizing this agreement, the EU and Indonesia are sending a powerful message to the world that we stand united in our commitment to open, rules-based and mutually beneficial international trade,” Šefčovič said after signing the agreement on Tuesday in Bali, Indonesia.

Negotiations for the agreement first began in 2016 and were initially expected to conclude in 2019 after nine rounds of talks. However, that timeline proved inadequate, and negotiations were extended for ten more rounds over the next six years.

The focal points of debate and disagreement shifted repeatedly over the years, ranging from palm oil policy to taxation, deforestation and ever-changing trade regulations.