Indonesia and European Free Trade Association (EFTA) countries expect to finish ratification of the Indonesia-EFTA Comprehensive Economic Partnership Agreement (IE-CEPA) next year, an official has said.

"Indonesia and EFTA countries are currently in the process of ratifying the IE-CEPA. We need to work hard to complete it in order to ensure that the agreement takes effect in 2020," Deputy Foreign Minister AM Fachir said at the 2019 Indonesia-EFTA Business Forum in Jakarta on Monday.

After seven years of negotiations, Indonesia and the four EFTA countries -- Switzerland, Iceland, Norway and Liechtenstein -- signed the IE-CEPA last December in hopes of further improving economic ties between Indonesia and EFTA members.

Between 2014 and 2018, Indonesia's exports to EFTA countries grew 267 percent, while the Indonesia-EFTA trade balance increased 73 percent, according to Fachir. In 2018 alone, the balance of Indonesia-EFTA trade was US$2 billion.

"Although the figures show a positive trend every year, there is still plenty of room for improvement. I believe the IE-CEPA will strengthen our economic partnership," Fachir said.

Fachir said he hoped that under the IE-CEPA, EFTA countries could facilitate access for more Indonesian products into the European market.

"The IE-CEPA will help guide Indonesia, Switzerland, Iceland, Norway and Liechtenstein through global economic uncertainties," he added, referring to the ongoing economic disruption caused by the United States-China trade war.

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